Royal Silver Mines, Inc. Announces Results of Annual Meeting of Shareholders.Business Editors HILTON HEAD ISLAND Hilton Head Island An island off the southern coast of South Carolina in the Sea Islands of the Atlantic Ocean. It is a popular tourist resort. The town of Hilton Head Island, on the northeast coast, has a population of 35,200. , S.C.--(BUSINESS WIRE)--April 23, 2001 Royal Silver Mines, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:RSMI) announced today the results of its annual meeting of shareholders which was conducted on April 23, 2001 at Hilton Head Island, SC. The meeting was originally scheduled for April 13, 2001 but that meeting was adjourned due to a lack of a quorum A majority of an entire body; e.g., a quorum of a legislative assembly. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. being present. The meeting was reconvened on April 23rd with a quorum present. For a quorum to be present, 16,879,783 shares needed to be present. At the meeting, shares present in person or by proxy were 25,496,970 shares out of a possible 33,759,565. The Board of the Company was extremely pleased that approximately 76% of the shareholders were represented at the meeting. The Board of the Company consisting of Howard Crosby Howard Crosby may refer to:
All other matters before the shareholders were approved. The proposal to increase the authorized common stock of the Company to 100,000,000 shares was approved with a vote of 25,312,304 shares in favor. The proposal to create a class of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. was approved by a vote of 17,623,168 shares in favor. The proposal to undertake a 1 for 20 reverse split was approved by 25,282,704 votes in favor. The shareholders also approved a name change to "Cadence Resources Corporation" with a vote of 25,362,004 votes in favor. Williams & Webster, P.S. of Spokane, Washington Spokane (pronounced [spoʊ̯ˈkæn]) is a city located in Eastern Washington. The seat of Spokane County, Spokane is the metropolitan center of the Inland Northwest, the second largest city in Washington state, and was approved as the Company auditor for the year by a vote of 25,371,004 shares in favor. No other matters were voted upon at the meeting. The Officers of the Company intend to implement the reverse split and name change as soon as possible and will issue additional news releases as these changes are forthcoming. The Board would like to thank all shareholders for their participation and consideration of these items, and for their continued support. For further information, please contact John Ryan at 843/682-2023. |
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