MDN's Shareholders Approve the Shareholders Rights Plan
12:08 EDT Thursday, June 05, 2008
MONTREAL, QUEBEC--(Marketwire - June 5, 2008) - At the annual and special meeting of the shareholders of MDN Inc. ("MDN") (TSX:MDN), held this morning in Montreal, the majority of the shareholders voted in favour of the recommendations of the Company's board of directors and management, as set out in the proxy circular dated May 6, 2008, namely:
- The creation of a shareholders' rights plan, which takes effect immediately;
- The modification of quorum at meetings of the Company's shareholders, which is decreased to 5% of the issued and outstanding shares;
- The reduction of the stated capital, which will allow MDN's board of directors the flexibility it needs to review its dividend policy during the current financial year. This measure does not at all affect the shareholders' equity or the Company's financial position and its day-to-day activities.
In addition, the shareholders elected the directors nominated in the proxy circular, namely: Serge Savard, Gil Playford, Louis-Marie Riopel, Jacques Bonneau, Raymond Legault and Paul-A. Girard who will once again serve as chairman of the board.
MDN is an exploration company with its head office in Montreal, Quebec. Its main exploration activities are carried out in Quebec and in Tanzania. In Quebec, MDN holds, in whole or in part, exploration assets in gold and base metals. In Tanzania, other than its 30% interest in the Tulawaka Gold Mine, MDN has a controlling interest in 28 mining permits around Tulawaka and in two other permits in the Ikungu sector.
FOR FURTHER INFORMATION PLEASE CONTACT:
MDN
Paul-A. Girard
President and CEO
514-866-6500
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