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gastem inc (GMR) Details

Gastem Inc. engages in the exploration and development of oil and gas properties in Canada and the United States. It holds interests in approximately 1.1 million acres of land in the St. Lawrence Lowlands, the Gaspe Peninsula, and the Magdalen Islands in Quebec. The company, through its wholly owned subsidiary, Gastem USA, also holds interests in approximately 34,400 acres exploration properties in New York State, and approximately 1,200 acres exploration properties in Virginia. In addition, it focuses on evaluating new ventures in Appalachia and eastern Canada. Gastem Inc. was incorporated in 2002 and is based in Montreal, Canada.

Founded in 2002

gastem inc (GMR) Top Compensated Officers

Founder, Chairman, Chief Executive Officer, P...
Total Annual Compensation: C$120.0K
Chief Financial Officer
Total Annual Compensation: C$64.3K
Compensation as of Fiscal Year 2012.

gastem inc (GMR) Key Developments

Gastem To Transfer Its Listing From Tier 2 To NEX

In accordance with TSX Venture Policy 2.5, the Gastem Inc. has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening August 7, 2014, the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Montreal to NEX.

Gastem Inc.'s Board of Directors Adopts By-Law 2013-1 Providing for an Amendment to its By-Laws

Gastem Inc. announced the adoption by its board of directors of By-Law 2013-1 providing for an amendment to its By-Laws. By-Law 2013-1 requires advance notice to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders of the Corporation other than pursuant to (i) a requisition to call a shareholders meeting made pursuant to the provisions of the Canada Business Corporations Act (the CBCA), or (ii) a shareholder proposal made pursuant to the provisions of the CBCA (the Advance Notice Provision). Among other things, the Advance Notice Provision fixes a deadline by which holders of record of common shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders and sets the information that a shareholder must include in the notice to the Corporation for the notice to be in proper written form. In the case of an annual meeting of shareholders, notice to the Corporation must be made not less than 30 nor more than 65 days prior to the date of the annual meeting, provided, however, that in the event that the annual meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Corporation must be made not later than the close of business on the 15(th) day following the day on which the first public announcement of the date of the special meeting was made. The Advance Notice Provision provides a clear process for shareholders to follow to nominate directors and sets out a reasonable time frame for nominee submissions along with a requirement for accompanying information. The purpose of the Advance Notice Provision is to treat all shareholders fairly by ensuring that all shareholders, including those participating in a meeting by proxy rather than in person, receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice Provision should assist in facilitating an orderly and efficient meeting process. By-Law 2013-1 is effective since April 26, 2013 and will be submitted for confirmation to the shareholders at the next annual and special meeting of shareholders of the Corporation scheduled for June 26, 2013.

Gastem Inc. Auditor Raises 'Going Concern' Doubt

Gastem Inc. filed its Annual on Apr 30, 2013 for the period ending Dec 31, 2012. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

 

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