KWG Resources Inc.: Adjourned Shareholders Meeting Terminated
Toronto, Ontario – ( October 11, 2018) – KWG Resources Inc. (CSE: KWG.A) (CSE: KWG) (OTC: KWGBF) (FSE: KW6) (“KWG”)has terminated the meeting of its shareholders which had been adjourned to 11:00 o’clock on Friday, October 12, 2018. The purpose of the adjournment was to solicit votes in favour of a special resolution to amend the Articles of Incorporation of the Company to provide its Board of Directors with authority to issue special shares. While a large majority of the shareholders voting supported the amendment, the solicitation failed to achieve the required two-thirds majority needed to pass the special resolution, and the meeting has been terminated.
KWG is the Operator of the Black Horse Joint Venture (‘JV’) after acquiring a vested 50% interest through Bold Ventures Inc (‘Bold’) from Fancamp Exploration Ltd (‘Fancamp’). KWG funds all JV exploration expenditures and Bold is carried for a 20% interest in KWG’s interest.
KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario.
KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas and an accelerant. KWG subsidiary, Muketi Metallurgical LP, is prosecuting two chromite-refining patent applications in Canada, India, Indonesia, Japan, Kazakhstan, South Africa, South Korea, Turkey, and USA. The national phase filings are under review in each of those jurisdictions, save that Canada, South Africa and Kazakhstan have now each issued a Patent for the direct reduction method.