KIRKLAND LAKE, ON, June 27 /CNW/ - Vault Minerals Inc. (TSX-V: VMI)
("Vault" or the "Company") announces the results of its 2008 annual and
general meeting of shareholders held in Toronto, Ontario on June 26, 2008.
Election of Directors and Appointment of Auditors
At the meeting, the shareholders of the Company approved all resolutions
put before them by management, including the election of directors and the
re-appointment of Ross, Pope & Company as external auditors of the Company.
The returning board members are Joseph Horne, Daniel McCormack, Scott Waldie
and Peter Bojtos. The Company further advises that Mr Kyle Sinclair was
elected to the board of directors, and who will sit as an independent member.
Kyle Sinclair, CA
Mr Kyle Sinclair brings to Vault a wealth of financial knowledge and
experience. He is presently the Corporate Controller for Grant Forest Products
Inc, a private company operating as one of the largest oriented strand board
companies in North America. Prior thereto, Mr Sinclair served as
Vice-President Finance and Treasurer of Kirkland Lake Gold Inc, a
publicly-traded mining company. The majority of Mr Sinclair's career was spent
at American Household Inc, and its subsidiaries, where he held a number of
senior finance positions in Canada, the United States and Europe. He has also
provided a broad range of contract financial services for a number of
companies in various industries through a private consulting company he
founded. Mr Sinclair is a Chartered Accountant (1992) and a graduate of the
University of Toronto where he received a Bachelor's of Commerce degree.
Upon Mr Sinclair's election, Vault's President and CEO, Joe Horne,
commented: "On behalf of the Company and my fellow directors, I welcome Kyle
to the board and very much look forward to the skills, experience, oversight
and independence he will impart to the board and its audit committee."
Officer and Committee Appointments
At a subsequent board meeting, the directors re-appointed Joseph Horne as
President & Chief Executive Officer, Tara Gilfillan as Chief Financial
Officer, Daniel McCormack as Vice President and Michael Sutton as Vice
President, Exploration. The board has also appointed a fully independent audit
committee comprising Messrs Waldie, Bojtos and Sinclair.
Grant of Stock Options
Vault also announces the grant of an aggregate 825,000 incentive stock
options ("Options") to certain directors, officers, consultants and an
employee of the Company, pursuant to the terms of the Company's stock option
plan and which remain subject to regulatory approval. Each Option, which vests
over a 21-month period, entitles the holder thereof to acquire one common
share of the Company at an exercise price of $0.35 prior to the close of
business on June 26, 2013.
Vault Minerals Inc. is a Canadian junior exploration company focused on
gold exploration and development in and around the proven gold camps of
northeastern Ontario. In addition to its Goldbanks, Kirkland and Lebel gold
properties in the prolific Kirkland Lake gold camp, Vault is aggressively
evaluating significant gold projects in the region for potential acquisition.
The Company's capital consists of 29,526,093 issued and outstanding common
shares which are listed for trading on the TSX Venture Exchange under the
On behalf of the Board of
VAULT MINERALS INC.
Joseph D. Horne
President & CEO
This Press Release may contain forward-looking statements that involve
inherent risks and uncertainties. Actual events or results could differ
materially from the Company's forward-looking statements and expectations, and
the Company disclaims any obligation to update these forward-looking
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: please visit our website at
www.vaultminerals.com or contact Joe Horne, President, or Dan McCormack,
P.Geo, Vice President at (705) 567 4511