Focus Graphite Inc. (TSXV:FMS,OTCQX:FCSMF,FWB:FKC) announced that shareholders of the Company voted to approve an advance notice by-law, which provides a clear process for shareholders to follow to nominate directors and sets out a reasonable time frame for submissions.
The Company also entered into an agreement for the acquisition of a 100% interest in the Eastmain-Leran property.
As quoted in the press release:
The Advance Notice By-Law includes a provision that requires advance notice to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders of the Corporation other than pursuant to (i) a requisition to call a shareholders meeting made pursuant to the provisions of the Canada Business Corporations Act (the “CBCA”), or (ii) a shareholder proposal made pursuant to the provisions of the CBCA.
Among other things, the Advance Notice By-Law fixes a deadline by which holders of record of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders and sets forth the minimum information that a shareholder must include in the notice to the Corporation for the notice to be in proper written form.
Focus has entered into an agreement for the acquisition of a 100% interest in a group of 32 contiguous mining claims located in the James Bay Territory area of Northern Québec and known as the Eastmain-Leran property (the “Property”).
The Property covering an area of 1,679 ha, is located 25 km north-east of the Otish Mountains, directly north of the Eastmain River in James Bay Territory (NTS map sheet 23D12). The Property is 10 km east of the Otish Mountains access road (HWY 167) which link Chibougamau and Mistissini to Stornoway Diamond Corp.’s Renard diamond project.