Northern Iron Announces Adoption of Advance Notice By-Law for Future Shareholder Meetings

Northern Iron Announces Adoption of Advance Notice By-Law for Future Shareholder Meetings
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 19, 2014) - Northern Iron Corp. ("Northern" or the "Company") (TSX-VENTURE:NFE) (OTCQX:NHRIF) (FRANKFURT:N8I) announces the approval and adoption by its Board of Directors of an advance notice by-law (the "By-Law"). The purpose of the By-Law is to provide shareholders, directors and management of the Company with a clear framework for nominating directors of the Company. The Company is committed to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation. The By-Law is intended to further these objectives.

The By-Law, among other things, includes a provision that requires advance notice to the Company in certain circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company. The 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. No person will be eligible for election as a director of the Company unless nominated in accordance with the By-Law.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 days and not 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 50 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 called for the purpose of electing directors (whether or not called for other purposes), notice to the Company must be made not 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 full text of the By-Law is available under the Company's profile at www.sedar.com and on the Company's website (www.northernironcorp.com) or upon request by contacting the Company's Corporate Secretary, Lisa Maxwell at [phone].

The By-Law is in effect as at the date of this news release. Pursuant to the terms of the By-Law, the Company will seek shareholder ratification of the By-Law at its next annual general meeting of shareholders (the "Meeting"). If the By-Law is not confirmed at the Meeting, the By-Law will terminate and be of no further force and effect following the termination of the Meeting.

About Northern Iron Corp.

The Company is a 100% owner of five iron ore properties in the Red Lake district. The Red Lake district is situated in an established mining area in Ontario, where the company has two near term development projects, the past producing Griffith mine and the Karas property.

The Company is currently working towards the production of HBI, a transportable form of direct reduced iron. HBI is complementary and a viable metallic supplement to scrap steel. Quality scrap is a critical raw material in the steel making process. With the diminishing supply of quality scrap steel and ever increasing market demand, steel producers around the world will be looking to secure alternative supplies of metallic products.

As part of the business plan, the Company acquired the past producing Griffith mine, which produced pellets and sponge iron (Direct Reduced Iron/DRI) from 1968 to 1986. The mine was owned and operated by STELCO and supplied pellets and sponge iron to the Hamilton and Nanticoke steel mills in Ontario. The metallurgy of the deposit has been proven over eighteen years of production.

Almost the entire transportation infrastructure is currently in place to both produce HBI and to ship produced HBI into the North American market via rail and lake barges and into Asian markets via rail through the port of Prince Rupert. Existing infrastructure includes all weather roads, 115kV power line, natural gas line, rail bed and port facilities.

The Company is focusing on de-risking the project by seeking out potential joint venture partners, off-take agreements or a combination thereof.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Northern Iron Corp.Basil BothaPresident & [e-mail]