Click here to close now.

Welcome!

Microsoft Cloud Authors: Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

News Feed Item

AuRo Management Replies to Dissident Press Release and Information Circular Issued by the 'Concerned Shareholder', Mr. David Elliott

How Many Opportunities Does David Elliott Want in Order to Choose AuRo's Management?

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/24/12 -- AuRo Resources Corp. (TSX VENTURE:ARU) -

The new AuRo management hereby responds to the dissident press release and Information Circular issued by the 'concerned shareholder', Mr. David Elliott.

The current new AuRo Management team wishes to reinforce their recommendation to vote in favor of the management director nominations, specifically: Mr. Len Davies, Mr. Douglas Dray, Mr. Mark Lawson and Mr. Mario Concha who have the experience and are committed to attracting a proven team of professionals to AuRo in order to maximize the property assets which we believe are extraordinary.

Management warns current shareholders that Mr. Elliott's group is responsible for putting into place the previous AuRo management, including Mr. John Gomez who was in charge of the company and responsible for the decisions that resulted in the problems that Mr. Elliott is complaining about.

AuRo Management wants to remind shareholders to vote their Management proxy in favor of the Management agenda items prior to 10 am (PST time) on Dec 31, 2012. Shareholder should disregard and NOT vote the dissident (green) proxy.

AuRo advises that a formal Court hearing was held on Friday December 21, 2012 before the British Columbia Supreme Court at which time the application of Andrew Williams, a broker with Haywood Securities Inc. was dismissed entirely. Not only were the application dismissed but also the Court ordered Andrew Williams to pay the Costs of AuRo and the named Directors. Andrew Williams is an associate of David Elliott who is also a broker at Haywood Securities Inc.

Present management of AuRo believes that the Court application by Andrew Williams was intended to temporarily financially cripple AuRo in an attempt by Andrew Williams and David Elliott to influence shareholders and to cause the shareholders to vote for directors nominated by David Elliott under a "dissident" information circular.

Please see the separate news release dated December 24, 2012 announcing the results of the litigation.

In connection with the dissident press release and information circular, Management of AuRo wishes to refer shareholders to the following open letter which directly responds to the dissident's accusations and claims.

Dear AuRo Resources Shareholders,

On December 12, 2012 Mr. Doug Dray, AuRo's CFO had a long conversation with Mr. David Elliott.

During the conversation they both agreed that AuRo is in need of a professional and seasoned team to step forward to lead the Company. Specifically to get the money efficiently spent to determine what AuRo's huge and strategically located Colombian assets have in the ground. Both agreed that the prior AuRo management had failed to do so. Mr. Dray stated that in the short period of time since the Nov 16, 2012 Board Meeting, when the new AuRo management had taken over, they had interviewed and had numerous discussions with individuals with exceptional track records in the market and that at this moment in time there was a large and excellent selection of available candidates.

None-the-less Mr. Elliott said that he wanted the current AuRo Board to agree to put three directors of his choosing on the information circular the 'key' part is Mr. Elliott wanted the AuRo Board to agree to this without Mr. Elliott revealing who the three proposed candidates were! Mr. Dray stated that in order for the Board to fulfill their fiduciary duties they would have to know their names so that they could do their due diligence. Mr. Elliott still refused to put forth his proposed candidates. Mr. Dray at least inferred that this is a ridiculous and an impossible request and then reminded Mr. Elliott that it was his group who put into place the prior AuRo management that we replaced on November 16, 2012 and that based on that 'problem' his blind-demand was unreasonable. Mr. Dray further explained his view that great teams require some patients to assemble, not hours or days that Mr. Elliott was proposing. Mr. Dray explained the last project he was involved with for 10 years, Sydney Resources, which became West Timmins Mining and subsequently bought out by Lake Shore Gold, occurred because they attracted the likes of Darin Wagner, Frank Hallam and Michael Jones which took some time to assemble, but their patients was rewarded as the share price increased over 3,000%. Mr. Dray expressed that it is this caliber of management that AuRo's assets are worthy of and quite simply requires some time to assemble (not hours). Later that same day Mr. Dray followed up with the following email to Mr. Elliott:

"...I am please we agreed on all the important points discussed. If you'd feel comfortable I would appreciate hearing any names of individuals you'd recommend for the Board. I can hold them in confidence if you so desire.

Please feel free to contact me any time."

So now on December 19th we finally get the unveiling of Mr. Elliott's proposed Board let us take a look! Of the four Elliott-proposed directors he lists an impressive 15 companies that they are involved in. Mr. Elliott rightfully knocks the prior AuRo management even though it is his group who is responsible for putting into place the previous AuRo management, BUT at this moment the question is: is Mr. Elliott's proposed Board any better than what he last put into place in AuRo Resources? With no disrespect to the gentlemen on this list, the return on investment of the 15 companies from Mr. Elliott's proposed Board is a median DECLINE of -87% very consistent to the -88.5% of the management team that Mr. Elliott last put forth in AuRo. (See table below).


----------------------------------------------------------------------------
                                                  Close       %             
Proposed Director                       High 12/20/2012 DECLINE Date of High
----------------------------------------------------------------------------
Cyrus Driver         Bellhaven Copper & 0.97      0.135    -86%   12/21/2010
                     Gold Inc.                                              
                     Superior Mining     0.5       0.02    -96%   11/27/2009
                     International                                          
                     Corporation                                            
                     Aldrin Resource    0.99       0.05    -95%     6/1/2010
                     Corp.                                                  
                     Orko Silver Corp.   3.2        2.4    -25%    4/25/2011
                     Mira Resources     0.78      0.145    -81%    2/14/2011
                     Corp.                                                  
                     Nevada Exploration 1.02      0.125    -88%     1/8/2008
                     Inc.                                                   
                     Wind River Energy   0.7      0.025    -96%     3/7/2011
                     Corp.                                                  
                     Cobra Venture      0.45       0.22    -51%     3/4/2008
                     Corp.                                                  
                     Far Resources      0.19       0.05    -74%    8/22/2012
                     White Bear          0.3       0.04    -87%   11/24/2009
                     Resources                                              
                                                                            
Dr. Antony Harwood   Endeavour Mining   2.74       2.03    -26%    12/5/2011
                     Corporation                                            
                     Montero Mining and 0.75      0.095    -87%    3/17/2011
                     Exploration Ltd.                                       
                                                                            
Scott McLean         Transition Metals  0.45       0.12    -73%    1/17/2012
                     Corp.                                                  
                                                                            
Peter Tegart         Finlay Minerals    0.95      0.095    -90%   12/13/2011
                     Ltd.                                                   
                     Nortec Minerals    0.38      0.045    -88%    2/22/2011
                     Corporation                                            
                                                                            
----------------------------------------------------------------------------
                     Overall Proposed                      -87%             
                     'Elliott-Team' Median                                  
                     Return:                                                
----------------------------------------------------------------------------

Mr. Elliott further accuses the current AuRo Management of setting the record date (Nov 5) to exclude the voting of shares that Mr. Elliott and his group purchased. This is not at all the case. This record date was set by the PRIOR AuRo Management which Mr. Elliott and his group put in place and we subsequently removed on Nov 16! AuRo's PRIOR management also supported Mr. Elliott and his group by giving them 100% of last private placement (at the exclusion of all other willing investors)! Now compare that to the current AuRo Management - yes we are doing a private placement and it is hereby open to anyone who reads this, including Mr. Elliott!

The Board has considered the Dissident Shareholder Circular and after careful deliberation determined that it is based upon false allegations and misleading and slanted information and is intended to persuade you to willingly support them under the false premise of protecting shareholder value. Shareholders are right to ask why the Dissident Shareholder waited so long to file his Dissident Shareholder Circular just days before the Meeting. Mr. Elliott is hoping to catch shareholders off-guard with his surprise attack and no doubt hopes to disenfranchise shareholders. Mr. Elliot is attempting to take over your Company without compensation to the current shareholders.

Because of the limited time before the Meeting, the Board also recommends that shareholders vote the WHITE proxy as soon as possible, prior to the final deadline for voting on Monday December 31, 2012 at 10 a.m. PST. Please disregard the green dissident proxy.


1.  If you want to participate in the private placement please contact AuRo
    Resources at 604-842-2916. 
2.  If you have any questions contact AuRo Resources at 604-842-2916. 
3.  If you want to have a successful company which will take the time to put
    the great management that AuRo deserves in place, then vote for
    Management's Information Circular. 
4.  If you have questions regarding how to cast your vote please contact our
    proxy solicitation agent, Georgeson Shareholder Communications Canada
    Inc. 

North American Toll Free Number: 1-888-605-8407

Email: [email protected]

Don't get fooled again by Mr. Elliott!

Sincerely,

Len Davies, CEO & President

AuRo Resources Corp.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
“Connect2Me is basically a game changer in the IoT industry. We have created IoT connecter middleware that can enable a connection to any kind of device," explained Yasser Khan, CTO of Connect2Me, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Registration page is located at the ThingsExpo site.
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether...
DevOps Summit at Cloud Expo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, @DevOpsSummit sessions at Cloud Expo, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all Containers and Microservices sessions. Registration page is located at the DevOps Summit site. Your DevOps Summit registratio...
Akana, a leading provider of API Management, API Security and Cloud Integration solutions, announced that it is introducing DevOps automation to the API lifecycle. New capabilities in Akana's API Management platform significantly reduce the time required to update API definitions and versions. DevOps teams will be able to work faster in designing and developing APIs, as well as managing them at runtime and publishing them to a portal.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @ThingsExpo, Zack Bennett, Vice President of Customer Success at EVRYTHNG, will answer these questions a...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.