CARLSBAD, CA--(Marketwired - October 28, 2015) - Sprott U.S. Holdings Inc. ("Sprott"), through its subsidiaries, as the largest shareholder of Kobex Capital Corp. ("Kobex" or the "Company") (TSX VENTURE: KXM), announced today that it supports the current board of directors of Kobex (the "Board") and has rejected the changes to the Board proposed by Kingsway Financial Services Inc. ("Kingsway"). Sprott has voted against, and has withheld its votes from, all of the Kingsway resolutions, as applicable, to be considered at the special meeting of shareholders of Kobex scheduled to be held on November 17, 2015.
Sprott has been a significant shareholder of Kobex since 2007 and currently exercises voting power over 7,919,249 common shares of Kobex, representing approximately 17.41% of the shares outstanding.
"As a long-term shareholder of Kobex, our analysis is that the current Board has the level of independence, competence and experience required in order to provide the Company with the direction necessary to maximize shareholder value. We also believe the Board is acting in the interest of all shareholders," said Rick Rule, Founder, Sprott Global Companies. "Further, Kingsway has neither made the case for change nor that it is the appropriate party to effect it," he said.
"We are also very concerned with the opportunistic, misleading, and confusing nature of the Kingsway "mini-tender". We will be taking no action in response to the unsolicited "mini-tender" offer made by Kingsway and recommend our fellow shareholders do the same to protect their investment," he said.
Sprott Global Resource Investments Ltd., Sprott Asset Management USA Inc. and Resource Capital Investment Corporation make up Sprott U.S. Holdings Inc., which is a wholly-owned subsidiary of Sprott Inc., a public natural resources investment management firm listed on the Toronto Stock Exchange (Symbol SII). We offer investments for all individuals who are interested in precious metals, mining, oil and gas, alternative energy, forestry, agriculture, and/or water industries.