VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 13, 2013) - Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. (GL), two leading proxy advisory firms, have recommended that shareholders of Formation Metals Inc. (FCO.TO) ("Formation" or "the Company) vote FOR the director nominees up for re-election at the upcoming annual and general meeting on June 21, 2013.
ISS is the world's leading provider of corporate governance solutions to the global financial community. More than 1,700 institutional clients rely on ISS' expertise to help them make more informed investment decisions on behalf of their shareholders.
GL is a leading, independent, governance analysis and proxy voting firm, serving more than 900 institutional investors globally. GL's research focuses on the long-term financial impact of investment and proxy vote decisions and assist institutional investors to make sound decisions by uncovering and assessing governance, business, legal, political and accounting risks.
In both reports, ISS and GL recommend shareholders vote FOR all the resolutions and nominees, stating that there are no significant governance concerns or issues.
Welcoming ISS's and GL's findings, Mari-Ann Green, Formation's Chairman and C.E.O. said: "We are grateful to receive support from both firms and are continuing to strengthen the Company by eliminating debt and strengthening the Company's treasury. With a strong balance sheet we can look to increase shareholder value as strategic opportunities are sure to arise in these tumultuous markets."
Attention Formation Shareholders:
Shareholders are urged to vote before the deadline of Wednesday, June 19, 2013 at 10:00am (Pacific Time). If you have any questions or need assistance in voting your proxy, please call Kingsdale Shareholder Services Inc. at 1-866-229-8214 (toll free) or 1-416-867-2271 (collect calls accepted), or by email at email@example.com.
Formation is a well-established mineral exploration, development and refining company who owns 100% of a fully permitted primary cobalt deposit located in Idaho which has been prepared for the commencement of underground development, pending additional mine financing. Formation has additional interests in base, precious metal and uranium projects in Canada, the United States and Mexico. Formation is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. The Company trades on the Toronto Stock Exchange under the symbol FCO.
Formation Metals Inc.
Mari-Ann Green, C.E.O.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on the Company is available at www.sedar.com.
The statements contained in this news release in regard to Formation Metals Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Metals Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.