MONTRÉAL, QUÉBEC--(Marketwired - June 22, 2017) - Quinto Real Capital Corporation (TSX VENTURE:QIT) ("Quinto" or the "Corporation") is pleased to announce that shareholders have approved all resolutions put forth at the Corporation's Annual and Special Meeting of Shareholders held on Thursday June 22, 2017, in Montréal, Québec.
Results of the 2017 Annual and Special Meeting of Shareholders
At the meeting, a majority of the shareholders of the Corproation voted in favour of all the resolutions set out in the management proxy circular, including the re-election of members of Quinto's Board of directors, consisting of Marcel Bergeron, Michael Curtis, Philippe Frère and Luisa Moreno.
The shareholders also voted in favour of the following propositions:
- the re-appointment of the auditors, Petrie Raymond LLP;
- the adoption of a special resolution to change the Corporation's name from "Quinto Real Capital Corporation" to "Quinto Resources Inc." ;
- the adoption of a special resolution to amend the Corporation's Articles of incorporation allowing the appointment of additional directors during the year; and
- the adoption of Advance Notice By-Law 2017-01.
Michael Curtis, President and Chief Executive Officer of Quinto, said, "We are pleased with the results from our Annual and Special Meeting this year. The Quinto team would like to thank shareholders for their continued support."
The shareholders granted their approval allowing the Corporation to change its name from "Quinto Real Capital Corporation" to "Quinto Resources Inc." The name "Quinto Resources Inc." will be adopted to re-brand the Corporation as a result of its qualifying transaction completed in 2012, as the Corporation is no longer a capital pool company. The name Quinto Resources Inc. better reflects the Corporation's current activities in the mining sector.
The Corporation has notified the TSX Venture Exchange ("TSXV") of the proposed change of name. Subject to TSXV approval of the change of name, it is expected that the common shares will commence trading on the TSXV under the new name at the opening of business two or three days subsequent to the effective date of the name change by the Corporation, subject to the receipt by the TSXV of the necessary documentation.
Amendment to Stock Option Plan
On May 9, 2017, the directors of the Corporation have approved an amendment to the Corporation's stock option plan (the "Plan"), converting the previous rolling stock option plan into a fixed number stock option plan (the "Amendment"). Before the Amendment, a maximum of 10% of the issued and outstanding common shares of the Corporation were reserved for issuance of stock options to directors, officers, employees or consultants of the Corporation. The amended Plan reserves a fixed number of 2,400,000 common shares of the Corporation for the issuance of stock options (which represents less than 10% of the 24,029,998 issued and outstanding common shares as of the date of the adoption of the amended Plan).
Clarification of Information Previously Disclosed
The Corporation wishes to clarify information previously disclosed in a press release dated November 3, 2016, regarding insiders' participation to a private financing of the Corporation. This press release mentionned that : "Insiders of Quinto purchased an aggregate of 320,000 Units and, accordingly, the private placement is a "related party transaction" within the meaning of Regulation 61-101 Protection of Minority Security Holders in Special Transactions ("Regulation 61-101")." The press release should however have mentioned that insiders of Quinto purchased an aggregate of 160,000 Units instead of 320,000 Units.
About Quinto Real Capital Corporation
Quinto Real Capital Corporation is a Canadian-based mining exploration corporation focused on the exploration, evaluation and development of gold mining properties.