Trading Symbol TSX V: GTC
VANCOUVER, July 17, 2018 /CNW/ - John Lepinski, CEO and Managing Director of
Getty Copper Inc. (the "Company" TSXV:GTC) has
requisitioned a special meeting of shareholders (the "Special
Meeting Requisition") under section 143(1) of the Canada
Business Corporations Act, for the purpose of removing certain
directors: namely Donald Willoughby,
Dennis Milburn, and Edward Robinson (the "Impugned
Directors"). Removal of the Impugned Directors will
require a majority of votes cast at a special meeting of
shareholders which will be convened as soon as practicable in
accordance with the provisions of the Company's Bylaws and the
Canada Business Corporations Act.
The Special Meeting Requisition was precipitated by a notice
issued by Dennis Milburn calling a
Board of Directors Meeting for July 11,
2018 to approve a term sheet from Inter World Investments
(Canada) Ltd. ("Inter World"), a
company controlled by John Park of
Vancouver, B.C., proposing a debt
and equity financing subject to certain conditions including due
diligence review, completion of a definitive agreement and TSXV
acceptance (the "Financing Proposal"). In the face of the
Special Meeting Requisition, the Financing Proposal received
favourable votes from each of the three Impugned Directors and was
opposed by the three others, with the current Chairman,
Dennis Milburn, casting the deciding
vote in favour of the Financing Proposal on the deadlocked
six-person board. It is the position of John Lepinski and the other two directors voting
against the Financing Proposal that the Financing Proposal will be
detrimental to the Company and therefore not in its best interests
or that of its shareholders and that the resolution approving the
Financing Proposal is invalid.
Under the Financing Proposal, Inter World or an affiliate
thereof, inter alia, proposed to loan the Company up to
$1,000,000 for a term of 5 years, to
be secured by a first charge over all of the assets of the Company
and its subsidiaries, with the proceeds thereof to be used to pay
out the existing secured debenture, held by Robak Industries Ltd, a
company controlled by John
Lepinski. In addition, Inter World, or an affiliate
thereof, proposed to subscribe for 24,194,774 common shares of the
Company at a price of $.05 per share,
with the total proceeds of $1,209,738
to be used for working capital, the reimbursement of Inter World's
expenses in connection with the Financing Proposal and further
development of the Company's Properties. Inter World, or an
affiliate thereof, will hold 19.9 % of the outstanding common
shares of the Company post-issuance.
The Impugned Directors own an aggregate of 856,666 shares of the
Company, representing approximately 1% of the outstanding shares,
and the directors opposing the Financing Proposal, including
John Lepinski, own an aggregate of
38,490,666 shares, representing approximately 35.5% of the
outstanding shares.
GETTY COPPER INC.
John Lepinski
Managing Director
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release
SOURCE Getty Copper Inc.