TORONTO, June 11, 2020 /CNW/ - RNC Minerals ("RNC")
(TSX: RNX) is pleased to announce the voting results of its annual
meeting of shareholders held today in Toronto.
Election of Directors
The nominee directors listed in
RNC's management information circular dated May 8, 2020 were elected as directors.
Shareholders represented by proxy at the meeting voted as
follows:
Director
|
Votes For (by
proxy)
|
Votes Withheld (by
proxy)
|
Peter
Goudie
|
194,857,512
|
99.00
|
1,973,286
|
1.00
|
Scott M.
Hand
|
194,316,371
|
98.72
|
2,514,427
|
1.28
|
Paul Huet
|
194,380,316
|
98.76
|
2,450,482
|
1.24
|
Wendy Kei
|
187,606,942
|
95.31
|
9,223,856
|
4.69
|
Warwick
Morley-Jepson
|
187,526,631
|
95.27
|
9,304,167
|
4.73
|
Chad
Williams
|
187,751,852
|
95.39
|
9,078,946
|
4.61
|
Other Items
The resolution to reappoint
PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of
the Corporation to hold office until the next annual meeting of
shareholders and to authorize the directors to fix the remuneration
to be paid to the auditors was approved by 99.8% of the votes cast
on the resolution.
The special resolution to authorize a change in the name of the
Corporation to "Karora Resources Inc." was approved by 96.4% of the
votes cast on the resolution.
The special resolution to authorize a consolidation of the
common shares of the Corporation as set out in the management
information circular sent to shareholders in respect of the meeting
was approved by 88.2% of the votes cast on the resolution.
About RNC Minerals
RNC is focused on growing gold
production and reducing costs at its integrated Beta Hunt Gold Mine
and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.4 Mtpa processing plant which is fed at
capacity from RNC's underground Beta Hunt mine and open pit
Higginsville mine. At Beta Hunt, a robust gold mineral resource and
reserve is hosted in multiple gold shears, with gold intersections
along a 4 km strike length remaining open in multiple directions.
HGO has a substantial historical gold resource and highly
prospective land package totaling approximately 1,800 square
kilometers. In addition, RNC has a 28% interest in a nickel joint
venture that owns the Dumont Nickel-Cobalt Project located in the
Abitibi region of Quebec. Dumont
contains the second largest nickel reserve and ninth largest cobalt
reserve in the world. RNC has a strong Board and management team
focused on delivering shareholder value. RNC's common shares trade
on the TSX under the symbol RNX. RNC shares also trade on the OTCQX
market under the symbol RNKLF.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking information"
including without limitation statements relating to the liquidity
and capital resources of RNC, production guidance and the potential
of the Beta Hunt Mine, Higginsville Gold Operation and Dumont
Nickel Project.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of RNC to be materially different from
any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to RNC's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and RNC disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
Cautionary Statement Regarding the Higginsville Mining
Operations
A production decision at the Higginsville gold
operations was made by previous operators of the mine, prior to the
completion of the acquisition of the Higginsville gold operations
by RNC and RNC made a decision to continue production subsequent to
the acquisition. This decision by RNC to continue production and,
to the knowledge of RNC, the prior production decision were not
based on a feasibility study of mineral reserves, demonstrating
economic and technical viability, and, as a result, there may be an
increased uncertainty of achieving any particular level of recovery
of minerals or the cost of such recovery, which include increased
risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and
technical failure. There is no guarantee that anticipated
production costs will be achieved. Failure to achieve the
anticipated production costs would have a material adverse impact
on the Corporation's cash flow and future profitability. Readers
are cautioned that there is increased uncertainty and higher risk
of economic and technical failure associated with such production
decisions.
SOURCE RNC Minerals