Group Eleven Provides Results of Annual General and Special Meeting
Jun 23, 2020, 14:11 ET
VANCOUVER, BC, June 23, 2020 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce that all resolutions were passed by the requisite majority at its annual general and special meeting held in Vancouver, British Columbia on June 22, 2020. With the resolutions passed, the Company anticipates closing the second tranche of the non-brokered private placement (the "Private Placement") with Glencore Canada Corporation in the next several days, issuing the remaining 12,800,000 units at a price of $0.05 per unit for gross proceeds of $640,000, as previously noted in the news release dated May 15, 2020.
Annual General and Special Meeting Results
A total of 41,401,448 common shares were represented at the AGSM, representing 57.1% of the votes attached to all outstanding common shares as at the record date. All of the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and information circular (the "Circular") dated May 29, 2020, were approved by the requisite majority of votes cast at the AGSM.
Item 1. Election of Directors
At the Meeting all director nominees listed in the Circular were elected as directors of the Company. The detailed results of the votes are as follows:
Director |
Vote Type |
Number of Votes |
Percentage of Votes |
Daniel MacInnis |
For Withheld |
38,544,249 2,700,000 |
93.5% 6.5% |
Alessandro Bitelli |
For Withheld |
41,244,249 – |
100.0% – |
Brendan Cahill |
For Withheld |
41,244,249 – |
100.0% – |
Bart Jaworski |
For Withheld |
38,467,582 2,776,667 |
93.3% 6.7% |
Item 2. Appointment of Auditor
Davidson & Company, Chartered Public Accountants, were re-appointed as auditors of the Company.
Votes For |
% of Votes |
Votes Withheld |
% of Votes |
40,707,937 |
98.3% |
693,511 |
1.7% |
Item 3. Approval of Equity Compensation Plans
The following equity compensation plans were approved:
Equity Plan |
Vote Type |
Number of Votes |
Percentage of Votes |
Stock Option Plan |
For Withheld |
41,107,649 136,600 |
99.7% 0.3% |
Deferred Share Unit Plan |
For Withheld |
41,107,649 136,600 |
99.7% 0.3% |
Restricted Share Unit Plan |
For Withheld |
41,127,649 116,600 |
99.7% 0.3% |
Item 4. Creation of Glencore Canada Corporation as a "Control Person"
A special resolution to approve the creation of Glencore Canada Corporation as a "Control Person", as defined in the policies of the TSX Venture Exchange, was approved.
Votes For |
% of Votes |
Votes Against |
% of Votes |
41,234,249 |
99.9% |
10,000 |
0.1% |
Following the annual general and special meeting, the board of directors re-appointed Bart Jaworski as CEO, Shaun Heinrichs as CFO, David Furlong as COO, Daniel MacInnis as Chairman (independent) and Sheryl Dhillon as Corporate Secretary. Group Eleven would like to sincerely thank the Company's shareholders for their continued strong support.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland.
Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Bart Jaworski"
Bart Jaworski, P.Geo.
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the anticipated completion of the second tranche of the private placement with Glencore Canada Corporation. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
SOURCE Group Eleven Resources Corp.
For further information: Shaun Heinrichs, Chief Financial Officer, E: [email protected], T: +1 604 630 8839