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TORONTO, ONTARIO--(Marketwired - May 22, 2013) - Canadian Orebodies Inc. (TSX VENTURE:CO) ("Canadian Orebodies" or the "Company") is pleased to announce the approval by its board of directors (the "Board") of By-law No. 2, a by-law relating to the nomination of directors (the "Advance Notice By-law"). The purpose of the Advance Notice By-law is to provide shareholders, directors and management of the Company with a clear framework for nominating directors.
Among other things, the Advance Notice By-law includes a provision that requires advance notice to be given to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Ontario) (the "Act"); of (ii) a shareholder proposal made pursuant to the provisions of the Act. The Advance Notice By-law fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company in order for a nominee to be eligible for election.
In the case of an annual meeting, notice to the Company must be given no fewer than 30 and not more than 65 days prior to the date of the meeting; provided that if the meeting is to be held on a date that is fewer than 50 days after the date on which the first public announcement of the date of the meeting was made, notice may be given no later than the close of business on the 10th day following such public announcement.
In the case of a special general meeting that is not also an annual meeting, notice to the Company must be made no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Advance Notice By-Law is effective as of the date it was approved. In order for the Advance By-Law to remain in effect it must be ratified by an ordinary resolution of the shareholders at the upcoming annual meeting of shareholders of the Company.
The full text of the Advance Notice By-law is available on SEDAR at
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FOR FURTHER INFORMATION PLEASE CONTACT:







Contact Information:
Canadian Orebodies Inc.
Gordon McKinnon
President & CEO
(705) 268-9000
http://www.canadianorebodies.com/">www.canadianorebodies.com


First Canadian Capital Corp.
Jason Monaco
Investor Relations
(416) 742-5600
jmonaco@firstcanadiancapital.com


First Canadian Capital Corp.
Jamie Frawley
Investor Relations
(416) 742-5600
jfrawley@firstcanadiancapital.com