TORONTO, July 12, 2019 /CNW/ - Laurion Mineral Exploration Inc. (TSX.V: LME and OTCPINK: LMEFF) ("LAURION" or the "Corporation") is pleased to announce the voting results of the Annual and Special Meeting of Shareholders of the Corporation that was held on July 11, 2019 (the "Meeting").
Election of Directors
Each of the nominees for election as directors listed in the Corporation's management information circular dated May 31, 2019 (the "Circular") were elected as directors of the Corporation for the ensuing year or until their successors are elected or appointed.
Despite such elections, since Dr. Neil Westoll received a greater number of votes "WITHHELD" than votes "FOR" at the Meeting, he has tendered his resignation to the Chair of the board of directors (the "Board"). Although issuers listed on the TSX Venture Exchange (the "TSX-V") are not required to adopt a majority voting policy requiring the tendering of a resignation in such circumstances, the Board will consider Dr. Westoll's offer of resignation and also the candidates who are best suited to fill any vacancies on the Board. Taking into account good governance practices and the interests of the Corporation and its stakeholders, the Board will make its decision on whether to accept his offer of resignation as soon as practical following a thorough review of the circumstances which led to the offer.
Other Items of Business Considered at the Meeting
Each of the following resolutions voted on at the Meeting were also passed:
- Fixing the number of directors of the Corporation (and the number of directors to be elected at the Meeting) at five.
- The reappointment of RSM LLP as auditors of the Corporation for the ensuing year and the authorization of the directors of the Corporation to fix their remuneration and the terms of their engagement.
- The approval and ratification of the renewal of the Corporation's rolling stock option plan.
- The approval of the issuance of 1,467,008 common shares of the Corporation to a certain member of management in exchange for the settlement of certain debts of the Corporation (the "Shares for Debt Transaction").
Notwithstanding the approval by the shareholders of the Corporation, the Shares for Debt Transaction remains subject to approval by the TSX-V.
For further details regarding the matters considered at the Meeting, please refer to the Circular, which can be found under the Corporation's profile on SEDAR at www.sedar.com.
The Corporation is a junior mineral exploration and development company listed on the TSX-V under the symbol LME and on the OTCPINK under the symbol LMEFF. LAURION now has 153,850,084 outstanding shares of which 62.41% are owned and controlled by Insiders and within the "friends and family" category.
LAURION's emphasis is on the development of its flagship project, the 100% owned mid-stage 44 km2 Ishkoday Project, and its gold-silver and gold-rich polymetallic mineralization with a significant upside potential. The Ishkoday Project has a project-wide database (2008 to 2018) that includes 283 diamond drill holes totaling 40,729 m, geological mapping, ground geophysics, and 14,992 individual samples with assays and geochemical analysis. The mineralization on the Ishkoday is open at depth beyond the current core-drilling limit of -200 m from surface, based on the historical mining to a -685 m depth, as evidenced in the past producing Sturgeon River Mine.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events, including with respect to LAURION's business, operations and condition, and management's objectives, strategies, beliefs and intentions. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of LAURION, the TSX-V not providing its approval for the Shares for Debt Transaction, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of gold and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Corporation's publicly filed documents. Investors should consult the Corporation's ongoing quarterly and annual filings, as well as any other additional documentation comprising the Corporation's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements.
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