SANTIAGO, Chile, Jan. 6, 2014 (GLOBE NEWSWIRE) -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTCQB:WMTM) announces that as previously reported, on December 4, 2013, White Mountain Titanium Corporation (the "Company") entered into a Binding Memorandum of Understanding (the "MOU") dated December 3, 2013, with Grand Agriculture Investment Limited (the "Investor"), a company formed in Hong Kong and controlled by Kin Wong, a shareholder of the Company. The MOU provided that the Board of Directors would be expanded to seven persons and that three Investor group designees would be appointed as directors of the Company following the closing of the First Tranche Units, which occurred on December 13, 2013.
Pursuant to the terms of the MOU, on December 30, 2013, Brian Flower resigned as a director of the Company, the number of directors was increased from five to seven persons, and Kin Wong, Yee Y (Sue) Pei, and Weigang Greg Ye, each of whom was designated by Mr. Wong, were appointed as directors to fill the vacancies created by the resignation and the increase in the number of directors. In addition, Mr. May resigned as Chairman of the Board and Mr. Wong was appointed to fill the position. With his resignation as a director, Mr. Flower was removed from the audit committee. However, he will retain his position as Executive Vice-President of the Company and will remain a director of the Company's subsidiaries. With the foregoing changes, the Board of Directors is now composed of three citizens of the United States, two citizens of England, and two citizens of the People's Republic of China.
The Board of Directors intends to consider filling the vacancy on the Audit Committee at its next meeting.Non-executive directors receive $1,000 plus expenses for attendance in person at each meeting of the Board of Directors and receive $500 for attendance at such meetings by conference telephone. Also non-executive directors who are members of committees of the Board receive $1,000 plus expenses for attendance in person at each committee meeting and $500 for attendance at committee meetings by conference telephone. In addition, each chairman of a committee receives $1,000 per meeting they chair.