Concerned Shareholders of PacificOre Mining Corp. (TSXV:PC) released an information circular and initiated a proxy solicitation process with the objective of having a new board of directors elected at the Company’s annual general and special meeting of shareholders to be held on April 26, 2013. Due to the loss in confidence in the ability of the current management, the Concerned Shareholders are seeking to elect Adrian Bakker, Stephen Pearce and Paul Sorbara to the board of directors.
As quoted in the press release:
The Concerned Shareholders have initiated this proxy solicitation because they have lost all confidence in the ability of the current management of the Company to maximize shareholder value. The Company has failed to advance any of the Company’s projects significantly and continues to struggle just to preserve its limited financial resources. During 2012 the Company spent $1,851,506 in administration costs and spent only $296,665 in exploration costs. Since March 2011, the share price of the Company has decreased substantially. The Concerned Shareholders strongly believe that the proposed nominees for directors slated by the current management of the Company are not in shareholders’ best interests; instead, they are being proposed for re-election to further entrench current management, who have failed to effectively manage the affairs of the Company and deliver shareholder value.