Shareholders Requisition Meeting to Target Directors at Emerita Resources Corp.

A group of concerned shareholders, including Scott Blair, requisitioned a special meeting of Emerita Resources Corp. to vote on the removal of directors Joseph Belan, Oscar Cabrera, and Peter McRae. The Ontario Securities Commission issued a notice stating that the TSX Venture Exchange and the OSC should not allow shares issued before the meeting to be voted at the event. The concerned shareholders also stated that the Board has not urgently pursued Emerita’s claim to the Falcon Project.

The shareholder action targets the composition of the Board of Directors, which is a key element of corporate governance. The regulatory notice from the Ontario Securities Commission introduces uncertainty regarding the validity of shareholder votes and the corporate structure during the transition.