For Immediate Release
EUROPEAN GOLDFIELDS RECEIVES POSITIVE RECOMMENDATION FROM ISS AND GLASS LEWIS 8 December 2011 - European Goldfields Limited (AIM: EGU / TSX: EGU) ("European Goldfields" or the "Company") is pleased to announce that ISS Proxy Advisory Services, Canada ("ISS") and Glass Lewis & Co. ("Glass Lewis") have both recommended that its clients vote in favour of the ordinary resolution approving certain aspects of the proposed US$600m financing transaction with Qatar Holding LLC and the US$150m loan note and the issuance of warrants, as described in the Management Information Circular mailed to shareholders by the Company on 1 December 2011.
ISS and Glass Lewis are leading advisory firms for
independent international corporate governance analysis and
proxy voting. Their recommendations assist shareholders in
making decisions regarding proxy voting decisions.
In reaching their recommendation, ISS concluded* "The signing
of the financing package has removed the uncertainty of
obtaining finance for projects in Greece in the current
difficult market conditions. The package has been able to
reduce the potential dilution of a 100% equity financing. The
use of funds is justified, market reaction is favourable and
there are no significant governance concerns. In view of
these factors, disinterested shareholder approval is
warranted".
In its report Glass Lewis also recommended* "We believe that
the Company should be provided the flexibility to use its
equity in a manner that could provide funding for its
operations and enhance shareholder value. Accordingly, we
recommend that shareholders vote FOR this proposal".
European Goldfields Limited will hold a special meeting of
shareholders ("Special Meeting") to approve the ordinary
resolution on Thursday, December 22nd, 2011 at 9:00 a.m.
(Toronto Time) at the offices of Stikeman Elliott LLP, 5300
Commerce Court West, Toronto, ON, Canada M5L 1B9.
Time is of the essence, and a proxy, to be effective, must be
voted in advance of the Special Meeting and no later than
9:00 a.m. (Toronto Time) on Tuesday, December 20th, 2011.
Shareholders who require assistance in voting their proxy may
direct their inquiry to European Goldfields proxy
solicitation agent, Phoenix Advisory Partners, toll-free in
North America at 1-800-243-9416 and in the United Kingdom at
+44 (0) 808-
101-1697 or by email at inquiries@phoenixadvisorypartners.com.
European Goldfields is a developer-producer with globally
significant gold reserves located within the European Union.
The Company generates cash flow from its 95% owned Stratoni
operation, a high grade lead/zinc/silver mine in
North-Eastern Greece. European Goldfields is expected to
evolve into a mid-tier producer through responsible
development of its project pipeline of gold and base metal
deposits at Skouries and Olympias in Greece and Certej in
Romania. The Company plans future growth through development
of its highly prospective exploration portfolio in Greece,
Romania and Turkey.
For further information please see the Company's website at
www.egoldfields.com
*Permission to use quotations from the ISS and Glass Lewis
reports was neither sought nor obtained.
Steve Sharpe, SVP Business Development Michael Rawlinson
e-mail: info@egoldfields.comTom Fyson
Tel: +44 (0)20 7408 9534 Tel: +44 (0)20 3100 2000
Brunswick Evolution Securities Ltd Carole Cable / Fiona
Micallef-Eynaud Matthew Tyler / Neil Elliott e-mail: egoldfields@brunswickgroup.comTel: +44 (0)207 071 4300
Tel: +44 (0)20 7404 5959
Spiro Youakim Egizio Bianchini
Chris Seherr-Thoss Gary Mattan
Tel: +44 (0)20 7187 2000 Tel: +1 (0) 416 359 4001
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