Marathon PGM Corporation

Published : June 29th, 2015

Marret Resource Corp. Announces Results of Annual and Special Meeting and Approval by Shareholders of Management Proposal

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Marret Resource Corp. Announces Results of Annual and Special Meeting and Approval by Shareholders of Management Proposal

TORONTO, June 29, 2015 /CNW/ - Marret Resource Corp. (MAR.TO) (the "Company") announces that the Company's shareholders approved all matters submitted by management for their consideration at the annual and special meeting of shareholders (the "Meeting") held on June 29, 2015 in Toronto, Ontario, including the management proposal to amend the Company's articles (the "Amendment") to permit the Company to redeem common shares and return capital to shareholders. Full details of management's proposal, the Amendment and other matters considered at the Meeting are set out in the management information circular of the Company dated May 20, 2015.

The Amendment permits the Company to redeem common shares in July 2015 (the "First Redemption") with a valuation date of June 30, 2015 and in October 2015 (the "Second Redemption", and together with the First Redemption, the "Redemptions") with a valuation date of September 30, 2015, to return capital to shareholders. For each Redemption, the Company will redeem common shares on a pro rata basis and immediately following each Redemption, the common shares which remain outstanding following such Redemption will be automatically split on a basis such that the number of common shares outstanding after such stock split is equal to the number of common shares outstanding immediately preceding such Redemption.

The Company expects to file articles of amendment giving effect to the Amendment promptly, and to announce the record date, distribution amounts and other particulars of the First Redemption and Second Redemption in early July and October, respectively.

Following the Redemptions, the Company anticipates that it will retain approximately $16.8 million in net assets (inclusive of its investment in Cline Mining Corp. ("Cline"), currently valued at $8.8 million, and based on the current value of the Company's portfolio which is subject to change). The reserve amount is being maintained to enable the Company to continue its business, to manage the liquidation of the Cline investment and to maximize the value of the Company's structure. The reserve amount will be invested in accordance with the investment policy approved by the Company's board of directors (the "Board") from time to time. It is the current intention of the Board that the reserve amount be invested in the debt and equity of natural resource companies. No further investments in private or illiquid securities are currently contemplated. The Board reserves the right to revisit and amend the investment policy as market conditions warrant.

The Company is seeking to maintain its listing on the Toronto Stock Exchange (the "TSX") following the Redemptions. As of the date hereof, the Company has notified the TSX regarding the Redemptions, however the TSX has not taken any position or made any determination in respect of the continued listing of the Company's common shares following the Redemptions. In the event that the TSX determines that the common shares will be delisted, the Company will seek an alternative listing venue for the common shares, which may include the TSX Venture Exchange. The listing of the common shares on any such alternative listing venue will be subject to the discretion of the alternative listing venue.

As a result of the Amendment being approved, the management agreement with Marret Asset Management Inc. (the "Manager") will be amended to provide that:

  • The Manager's fees related to the investment in Cline will be deferred and be payable only when the investment is sold; and

  • The Company will have an option to terminate the management agreement at any time after September 30, 2015 by providing 90 days' written notice to the Manager, subject to the payment of any fees owing under the agreement up to the termination date.

In addition to the Amendment, at the Meeting shareholders also elected Barry Allan, John Anderson, Frank Davis, David Gluskin and Douglas Scharf as directors, reappointed KPMG LLP, Chartered Accountants, as the Company's auditor, and approved certain amendments to the Company's by-laws.  Detailed voting results for the election of directors were as follows:


Votes For

% Votes For

Votes Withheld

% Votes Withheld

Barry Allan

6,551,968

85.67

1,096,171

14.33

John R. Anderson

7,365,256

96.30

282,883

3.70

Frank Davis

7,421,519

97.04

226,620

2.96

David Gluskin

7,360,504

96.24

287,635

3.76

Douglas Scharf

6,684,032

87.39

964,107

12.61

About Marret Resource Corp.

Marret Resource Corp. is focused on natural resource lending. The Company's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource-related businesses and investing in public and private equity and quasi-equity securities. The Company seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances. Marret Asset Management Inc. is the Company's investment manager and is responsible for implementing Marret Resource Corp.'s investment strategy and managing its investment portfolio.

About Marret Asset Management Inc.

Marret Asset Management Inc. is the manager of the Company. Marret Asset Management and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies. Barry Allan, the President and Chief Investment Officer, founded Marret Asset Management in 2000, following a career at Altamira, Nesbitt Thomson and a Canadian chartered bank. Mr. Allan has over 30 years of experience in credit and fixed income markets.

****

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "estimates", "anticipates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of Marret Resource Corp. (the "Company") regarding future results or events and are based on information currently available to them. Forward-looking statements in this press release include statements regarding the filing of articles of amendment by the Company, completion of the Redemptions, the conduct of business by the Company following the Redemptions and the listing of the Company's common shares following the Redemptions. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in the prospectus or annual information form for the Company, and matters disclosed in the Company's management information circular dated May 20, 2015. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.

Read the rest of the article at finance.yahoo.com

Marathon PGM Corporation

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CODE : MAR.TO
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Marathon PGM is a nickel and zinc exploration company based in Canada.

Marathon PGM holds various exploration projects in Canada.

Its main exploration properties are BIRD RIVER - PAGE BLOCK, MARATHON, BIRD RIVER - NI ZONE, BIRD RIVER - ZN & CU ZONE and GEORDIE LAKE in Canada.

Marathon PGM is listed in Canada and in United States of America. Its market capitalisation is CA$ 9.2 millions as of today (US$ 7.1 millions, € 6.2 millions).

Its stock quote reached its lowest recent point on August 14, 1998 at CA$ 0.02, and its highest recent level on June 03, 2011 at CA$ 7.50.

Marathon PGM has 17 700 000 shares outstanding.

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Financings of Marathon PGM Corporation
12/18/2009 Closes First Tranche of Non-Brokered Private Placement Flow...
Nominations of Marathon PGM Corporation
8/8/2007 appoints Raymond Mason as VP of Operations
Financials of Marathon PGM Corporation
8/15/2008Announces 2008 Q2 Financial Results
11/14/2007 Announces 2007 Q3 Financial Results
8/2/2007 Announces 2007 Q2 Financial Results
5/15/2007Announces 2007 Q1 Financial Results
Project news of Marathon PGM Corporation
9/12/2013(Marathon)Marathon Trenching Adds 300m Strike-length to Mineralized Zo...
7/27/2010Cu Project Advances: Permitting, Financing and Metallurgy
7/21/2010(Marathon)Hits 33.54 g/t (uncut) Gold Across 4 m (0.98 oz/ton uncut ac...
3/22/2010(Geordie Lake)Excellent Geordie Lake Drill Results
11/24/2009(Marathon) Receives Optimized Definitive Feasibility Study - Significa...
10/7/2009(Geordie Lake)Development Plans for Geordie Lake Deposit
9/29/2009(Marathon) Wraps Up 2009 Campaign with 4.31 g/t PGM+Au and 0.19% Cu ov...
9/16/2009(Marathon)Drilling Program Hits High Grade Outside Pit Shell
9/10/2009(Marathon)Announces Analyst Day at Marathon PGM-Cu Project
9/8/2009(Marathon)Marathon's Drilling Pushing New Boundaries
7/6/2009(Marathon)Project DFS Being Optimized
6/10/2009(Marathon)Completes Purchase of Bamoos Land Package
6/12/2009(Bird River - Page Block)Marathon Intersects Sulphide Lenses at Coppermine Zone
6/1/2009(Marathon)Better Metallurgy and Economics
3/11/2009(Bird River - Page Block) Reports Positive Drill Results at Bird River
2/27/2009(Bird River - Page Block)Bird River Resource Expansion Continues
2/3/2009(Bird River - Page Block)Marathon Files Technical Report on Feasibility Study and Res...
1/15/2009(Bird River - Page Block) Develops Two Resources on Bird River Project
12/19/2008(Marathon)Project Receives Positive Feasibility Study
11/6/2008(Marathon)Project Receives Support from Pic River First Nation
8/12/2008Definitive Feasibility Study Update
7/29/2008(Marathon)Hits Thickest Ever Intersection of PGM-Cu Mineralization, 18...
7/16/2008(Bird River - Page Block)Ore Fault Drilling Hits 4.5m of 1.32% Ni, 0.14% Cu, and 1.31...
1/28/2008(Marathon) Entering into Option and JV Agreement with Benton Resources...
12/12/2007(Bird River - Page Block)Reviews Progress of 2007 and Plans for 2008
10/24/2007(Marathon)reports final holes of 2007 campaign and hits thickest ever ...
9/11/2007 intersects 44 m of 1.48 g/t PGM and gold and 0.36% copper o...
7/26/2007(Marathon)Drilling intersects 14.6 g/t PGM and gold and 0.18% copper o...
4/18/2007(Marathon)drills 8 m of 3.1 g/t PGM+Au in W Zone
4/4/2007(Marathon)drilling continues to expand W and RD Zones
3/21/2007(Marathon)Drilling Expands High Grade W Zone and Establishes New Poten...
2/17/2007(Marathon)hits high-grade Palladium, Platinum and Rhodium in 2 holes, ...
Corporate news of Marathon PGM Corporation
7/28/2015Marret Resource Corp. Releases Q2 2015 Financial Statements
7/17/2015Marret Asset Management Inc. - Issuance of Early Warning Rep...
7/7/2015Marret Resource Corp. Announces Record Date and Distribution
6/29/2015Marret Resource Corp. Announces Results of Annual and Specia...
5/12/2015IIROC Trade Resumption - MAR
5/12/2015Marret Resource Corp. announces shareholder proposal
5/12/2015IIROC Trading Halt - MAR
5/6/2015Marret Resource Corp. Releases Q1 2015 Financial Statements
4/20/2015Marret Resource Corp. provides update
3/31/2015Marret Resource Corp. Releases 2014 Year End Financial State...
12/1/2014IIROC Trade Resumption - MAR
12/1/2014Marret Resource Corp. suspends dividend; Provides update
8/20/2014Marret Resource Corp. Announces Monthly Dividend
8/20/2014Marret Resource Corp. Announces Monthly Dividend
12/11/2013Completes Financing with Rambler and Announces Exploration P...
5/1/2013(Marathon)Marathon Intersects Multiple High-Grade Intervals while Unde...
1/16/2013Marret Resource Corp. announces participation in Cline Minin...
1/16/2013Marret Resource Corp. announces participation in Cline Minin...
10/6/2011(Marathon)Marathon Intersects Best Interval at the Leprechaun Gold Dep...
10/3/2011(Marathon)Marathon Continues to Expand the Leprechaun Gold Deposit wit...
8/11/2010Receives Initial Metallurgical
5/13/2010Announces 8,000 Meter Drilling
5/4/2010New Geordie Lake Resource: Increased Metals, Grade and
4/27/2010Joseph G. Spiteri Appointed to Marathon PGM
3/17/2010Drilling Confirms Near Surface Gold Mineralization at Leprec...
12/23/2009Enters Option and JV Agreement for Mountain Lake's Valentine...
8/26/2009Marathon Converting Waste to Ore
7/15/2009Improving Resources Classifications at Marathon
12/11/2008Project accepted into MPMO Projects List
9/4/2008Completes 2008 Drilling Program on BCF JV Property, Intersec...
8/27/2008Acquires Remaining Discovery Shares Pursuant to Compulsory A...
8/19/2008Growth Continues, Ore Fault Property Acquisition Completed
2/4/2008Cabo Awarded Marathon PGM Corporation Contract
1/7/2008 Fault Agreement Approved by Bird River Mines Shareholders, ...
11/1/2007Finalizes Option Agreement for Ore Fault and Plans Drill Cam...
10/11/2007and Bird River Mines Inc., Announce an Option Agreement for ...
10/4/2007 completes 40,000 m drilling campaign and expects new minera...
10/3/2007: CEO Interview
10/2/2007signs Memorandum of Understanding with the Ojibways of Pic R...
9/21/2007 Samples 7.09 g/t PGM and gold,
8/29/2007extends mineralized zone to 800 m at the Coppermine Zone, Bi...
8/24/2007acquires PGM-Ni-Cu property in the Steel Mountain Complex, N...
8/16/2007- CEO Interview
8/13/2007hits 6 m of 7.48 g/t PGM and gold and 0.06% copper in W Hori...
7/12/2007discovers additional mineralization outside perimeter of exi...
6/28/2007drilling discovers mineralization outside of resource open p...
6/25/2007drilling hits mineralization at WD zone 3 km south of Malach...
6/11/2007Promising First Results from Bird River Property for Maratho...
5/11/2007Drilling Continues Expansion of W Zone and Southern Resource
4/18/2007acquires Bird River Ni-Cu+PGM Property through option
1/25/2007Measured and Indicated In-Pit Resource Grows 39%
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TORONTO (MAR.TO)Other OTC (MRPGF)
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