Canada Carbon Announces Completion of Shares for Debt Settlement and Approval of Advance Notice By-Law
January 31, 2014, Vancouver, BC, Canada – Canada Carbon Inc. (the “Company”) (TSX-V: CCB announces that on April 2, 2013, the Company issued an aggregate of 588,236 common shares at a deemed issuance price of $0.085 per share to settle approximately $50,000 owing to two former consultants of the Company for past services. All common shares issued in connection with the shares for debt transaction were subject to a four month and one day hold period which expired on August 3, 2013.
The Company also announces that at its annual and special meeting held on September 5, 2013, shareholders of the Company (“Shareholders”) approved a by-law establishing a framework for advance nominations of directors by Shareholders (the “Advance Notice By-law”). The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies, and provides for advance notice of nominations of directors in circumstances where nominations for election to the Board of Directors are made by Shareholders. The Advance Notice By-law is designed to provide Shareholders, directors and management of the Company with a transparent, structured and fair process for nominating directors of the Company in connection with any annual or special meeting of Shareholders.
The Advance Notice By-law provides a clear process for Shareholders to follow to nominate directors, fixes a deadline by which registered Shareholders must submit, in writing, nominations for directors to the corporate secretary of the Company prior to any annual or special meeting of Shareholders and sets forth the specific information that such holders must include with their nominations in order to be effective.
For an annual meeting of Shareholders, notice to the Company must be not less than 30 and not more than 65 days prior to the date of the annual meeting; save and except where the annual meeting is to be held on a date less than 50 days after the date on which the first public announcement of the date of such annual meeting was made, in which event notice may be given not later than the close of business on the 10th day following such public announcement.
For a special meeting of Shareholders (that is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of such special meeting was made.
On Behalf of the Board of Directors
CANADA CARBON INC.
“R. Bruce Duncan”
CEO and Director
E-mail inquiries: email@example.com
P: (604) 638-0971
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