Item 5.01.
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Changes in Control of Registrant
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Effective August 29,
2017, Contact Minerals Corp. (the “Company”) and Kerry McCullagh, the Company’s Chief Executive Officer, Chief
Financial Officer, President, Secretary and Treasurer (the “Seller”) entered into a stock purchase agreement (the “Stock
Purchase Agreement”) with Shiong Han Wee and Kwueh Lin Wong (Mr. Wee and Mr. Wong. collectively being the “Purchasers”).
Under the terms of the Stock Purchase Agreement, the Purchasers agreed to purchase 7,000,000 shares from the Seller (the Seller
Shares”) and 78,770,000 shares from the Company (the “Issued Shares”) for an aggregate purchase price of $350,000.
In connection with
the Stock Purchase Agreement, Mr. McCullagh received $350,000, $50,000 of which was allocated to the Seller Shares and $300,000
to the Issued Shares. The $300,000 was directed to Mr. McCullagh in full settlement of all company debts owed to Mr. McCullagh
and in consideration of settling any claims against the Company by Mr. McCullagh. The sale of the Seller Shares and the Issued
Shares consummated September 11, 2017.
Upon
the consummation of the sale, Kerry McCullagh, Alex Langer and William McCullagh, our former executive officers and directors,
resigned from all of their positions with the Company. Their resignations were not due to any dispute or disagreement with the
Company on any matter relating to the Company's operations, policies or practices.
The
following individuals were appointed to serve in the positions set forth next to their names below:
Name
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Age
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Position
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Shiong Han Wee
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40
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Director, Chief Executive Officer
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Kweuh Lin Wong
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40
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Director, Chief Financial Officer and Secretary
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Each director
will serve until the next annual meeting of stockholders of the Company and until such director’s successor is elected and
qualified or until such director’s earlier death, resignation or removal. None of the directors or executive officers has
a direct family relationship with any of the Company’s directors or executive officers, or any person nominated or chosen
by the Company to become a director or executive officer. The foregoing individuals will serve in their positions without compensation.
The Company hopes to enter into a compensatory arrangement with each officer in the future.
The
following is additional information regarding each director and executive officer.
Shiong
Han Wee
, age 40, has over 15 years experience as a business consultant and coach to the Malaysian business community. Since
2011, Mr. Wee has served as the founder, Chief Executive Officer and director of the MIG Group of Companies, which are engaged
in a diversified range of businesses such as real estate, mobile technology, food and beverage and education. From 2007 to 2009,
Mr. Wee served as a director of Future Focus Academic Sdn. Bhd., an education company. Mr. Wee received his undergraduate degree
in Business Management from the University of Bolton in the United Kingdom in 2002 and his “A Levels” designation from
the SEGI College in Kuala Lumpur, Malaysia in 1998.
Mr.
Wee is the 2015 recipient of the Malaysia Young Entrepreneur Award. He also received the Singapore Prominent Brand Award in 2015
in connection with his work with MIG Network International Pte. Ltd (Singapore). Mr. Wee brings to our Board his business experience
in the Internet and mobile industries.
Kwueh
Lin Wong
, age 40, has over 10 years experience as an IT consultant and business consultant. Since 2011, Mr. Wong has served
as the founder and director of the MIG Group of Companies, which are engaged in a diversified range of businesses such as real
estate, mobile technology, food and beverage and education. From 2008 to 2014, Mr. Wong was a consultant for Pusat Tiusyen Makmur
Maju, an education company. From 2007 to 2009, he served as a director of Future Focus Academic Sdn. Bhd., an education company.
From 2004 to 2007, he served as the Marketing Manager of All IT Marketing Sdn. Bhd. Mr. Wong received his Degree in Engineering
from Computer Multimedia University in Selangor Malaysia in 2005. He received an Advanced Diploma in Computer Engineering in 2000
and a Diploma in Computer Engineering in 1998 from Informatics College in Kuala Lumpur, Malaysia. Mr. Wong brings to our Board
his deep experience in computer engineering and internet and mobile industries.