TORONTO, July 28, 2022 (GLOBE NEWSWIRE) —(the “Company”) ( ) is pleased to announce the results of voting at its annual general meeting of shareholders which was held yesterday (the “Meeting”). All matters submitted to shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular (the “Circular”), both dated June 27, 2022, were approved by the requisite majority of votes cast at the Meeting.
Election of Directors
Each of the incumbent members of the board of directors, being Brian Howlett, Christopher Hodgson, John Harvey, Gordon Cyr, Michael Leskovec and Ernie Eves, were re-elected.
Appointment of Auditor
MNP LLP was re-appointed auditors of the Company for the ensuing year at the remuneration to be fixed by the directors.
Amended Stock Option Plan
At the Meeting, shareholders also approved the amendments to the Company’s 10% rolling Stock Option Plan (the “Stock Option Plan”), as described in the Circular. The Stock Option Plan was amended in order to better align with the new TSX Venture Exchange (“TSXV”) Policy 4.4 – Security Based Compensation, as disclosed in the Circular. Amendments to the Stock Option Plan include:
- revising the definition of “Consultant”, and adding definitions of “Investor Relations Activities” and “VWAP” to align with the policies of the TSXV;
- adding clarity in respect of the limitations and restrictions relating to consultants and investor relations persons;
- adding a cashless exercise feature providing for payment in cash or securities upon the exercise of options;
- adding a form of stock option agreement as a schedule to the amended Stock Option Plan;
- adding a comprehensive provision that sets out certain amendments that may be made to the amended Stock Option Plan only upon receipt of requisite regulatory approval or shareholder approval, as applicable; and
- certain other housekeeping amendments.
The amended Stock Option Plan was conditionally approved by the TSXV on June 23, 2022 and is subject to final acceptance of the TSXV.
Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. We are focused on generating shareholder value through the advancement of our main Hemlo area projects, including the Pic and North Limb projects.
For more information please contact:
Brian Howlett, President & CEO
Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties, including, but not limited to, the completion of the Earn-In by Barrick, the development of the Pic Project and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, due diligence risks, the uncertainty of obtaining additional financing, exploration risk and Covid-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company does not undertake to update such forward-looking information except as required by applicable securities laws.
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