Morien Announces Results of Annual and Special Meeting and Grant of Stock Options
May 21 2020 - 8:00AM
Morien Resources Corp.
(
TSX-V:MOX) ("
Morien" or the
"
Company") is pleased to announce that its
shareholders voted in favour of all items of business brought
before them at the Company's Virtual Annual and Special Meeting of
Shareholders (“AGM”) held on May 20, 2020. Details of the AGM
results are provided below.
Results of AGM
Election of Directors
The number of directors was set by the Board at
five, with John Budreski, Dawson Brisco, John Byrne, Charles
Pitcher and Mary Ritchie elected to the Company's Board for the
ensuing year.
Following the AGM, the Board confirmed the
appointment of Morien’s executive officers, namely: Executive
Chairman – John Budreski; President and Chief Executive Officer –
Dawson Brisco; Chief Financial Officer – Susanne Willett; and
Corporate Secretary – Suzan Frazer.
Appointment of Auditor
KPMG LLP was re-appointed as the Company’s
auditor to hold office until the next annual meeting of
shareholders or until its successor is duly appointed, at a
remuneration to be fixed by the Board.
Approval of Stock Option Plan
The shareholders also approved the renewal of
the Company's 10% rolling incentive stock option plan in accordance
with the rules and policies of the TSX Venture Exchange
("TSX-V").
By-Law Amendment
The shareholders approved a resolution to ratify
and confirm an amendment to By-Law No. 1 of the Company to provide
that Morien may hold shareholder meetings, and conduct votes at
such meetings, entirely or partly by means of a telephonic,
electronic or other communication facility in accordance with the
Canada Business Corporations Act. The purpose of the
amendment is to allow Morien to hold shareholder meetings in a
virtual meeting format.
Issue of Options
The Company also announced today that pursuant
to its incentive stock option plan, it has granted a total of
1,800,000 options (“Options”) which effectively replace employee
incentive compensation options that were nearing their 5-year
maturity, and which were exercised in 2019. These Options
were granted to six individuals being directors and officers of the
Company. Each Option is exercisable for one common share of
the Company until May 20, 2025 at an exercise price of $0.20.
All of the Options vest immediately.
About Morien
Morien is a Canada based, mining development
company that holds royalty interests in two tidewater accessed
projects. Before going on care and maintenance, the Donkin Coal
Mine commenced production in 2017, and the Black Point Aggregate
Project, permitted in 2016, is progressing toward a development
decision and is paying advanced minimum royalties to Morien.
Morien’s management team exercises ruthless discipline in managing
both the assets and liabilities of the Company. The Company’s
management and its Board of Directors consider shareholder returns
to be paramount over corporate size, number or scale of assets and
industry recognition. The Company has 52,419,114 issued and
outstanding common shares and a fully diluted position of
56,949,114. Further information is available at
www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may
constitute “forward-looking information” as defined under
applicable securities laws. These statements reflect Morien’s
current expectations of future revenues and business prospects and
opportunities and are based on information currently available to
Morien. Morien cautions that actual performance will be affected by
a number of factors, many of which are beyond its control, and that
future events and results may vary substantially from what Morien
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
risks and uncertainties described in Morien’s annual information
form filed with the Canadian Securities regulators on SEDAR
(www.sedar.com) on April 26, 2016. Morien cautions that its royalty
revenue will be based on production by third party property owners
and operators who will be responsible for determining the manner
and timing for the properties forming part of Morien’s royalty
portfolio. These third party owners and operators are also subject
to risk factors that could cause actual results to differ
materially from those predicted herein including: volatility in
financial markets or general economic conditions; capital
requirements and the need for additional financing; fluctuations in
the rates of exchange for the currencies of Canada and the United
States; prices for commodities including coal and aggregate;
unanticipated changes in production, mineral reserves and mineral
resources, metallurgical recoveries and/or exploration results;
changes in regulations and unpredictable political or economic
developments; loss of key personnel; labour disputes; and
ineffective title to mineral claims or property. There are other
business risks and hazards associated with mineral exploration,
development and mining. Although Morien believes that the
forward-looking information contained herein is based on reasonable
assumptions (including assumptions relating to economic, market and
political conditions, the Company’s working capital requirements
and the accuracy of information supplied by the operators of the
properties in which the Company has a royalty interest), readers
cannot be assured that actual results will be consistent with such
statements. Morien expressly disclaims any intention or obligation
to update or revise any forward-looking information in this news
release, whether as a result of new information, events or
otherwise, except in accordance with applicable securities laws.
All dollar values discussed herein are in Canadian dollars. Any
financial outlook or future-oriented financial information in this
news release, as defined by applicable securities laws, has been
approved by management of Morien as of the date of this news
release. Such financial outlook or future-oriented financial
information is provided for the purpose of providing information
about management’s current expectations and plans relating to the
future. Readers are cautioned that such outlook or information
should not be used for purposes other than for which it is
disclosed in this news release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For more information, please contact:
Dawson Brisco, President & CEOPhone: (902) 403-3149
dbrisco@MorienRes.comorJohn P.A. Budreski, Executive ChairmanPhone:
(416) 930-0914
www.MorienRes.comTSX-V: MOX
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