Jun 19 2015
MacDonald Mines Exploration Ltd. (the "Company") is pleased to report that a quorum was present at its Annual and Special Meeting of Shareholders (the "AGSM") held on June 15, 2015 at the Company's offices in Toronto, Ontario and that all resolutions put forth were passed.
The resolutions put forth to the shareholders are presented below. All resolutions required 50% plus 1 of the voted shares to be "in favour" to pass except for the two share consolidation resolutions, which required 66.67% of the shares to be "in favour" to pass. The number presented after each item represents the percentage of votes in favour of the resolution.
- John P. Sanderson (>97.7%), Hadyn Butler (>97.7%), Richard Schler (>97.4%) and Quentin Yarie (>97.4%) were re-appointed to the Board of Directors.
- MNP LLP was appointed as the Company's auditors for the December 31, 2015 year end and the directors are authorized to fix their remuneration. (>98.4%)
- The Company's stock option plan, which complies with the policies of the TSX Venture Exchange, was re-approved. (>95.8%)
- Share issuance in lieu of cash remuneration to directors and officers was approved. (>96.5%)
- A potential share consolidation on a five for one, four for one, three for one or two for one basis was approved. (>94.7%)
- A potential share consolidation on a ten for one, nine for one, eight for one, seven for one or six for one basis was also approved.
It should be noted that although the above share consolidations (5&6) were approved, it does not mean that a consolidation will automatically occur. Actual implementation is at the Board's discretion in conjunction with Company's requirements and still requires TSX Venture Exchange approval.
Board of Directors' Meeting
Immediately following the AGSM, the Board of Directors held meeting where the following individuals were appointed to serve in these capacities until the next annual Meeting of Shareholders:
- John Sanderson as Chairman of the Board of Directors
- Richard Schler as Chief Executive Officer
- Quentin Yarie as President and Chief Operating Officer
- Peter Liabotis as Chief Financial Officer and Corporate Secretary
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd is a mineral exploration company headquartered in Toronto, Ontario, Canada. The company is strategically focused on Copper and Zinc (VMS), and Nickel exploration in the Ring of Fire area of the James Bay Lowlands of Northern Ontario. The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".
For more information, please visit our website at www.macdonaldmines.com.
Source: http://www.macdonaldmines.com/