Vancouver, British Columbia — January 19, 2015 – War Eagle Mining Company Inc. (TSXV – WAR) ("War Eagle" or the "Company") announces that at its Annual and Special Meeting of Shareholders held on January 15, 2015, all resolutions proposed to shareholders were duly passed, including election of directors, approval of the 2014 Stock Option Plan ("2014 Plan") and disinterested shareholders approval respecting the issuance of 1,400,000 common shares relating to a debt settlement in October 2014 of $70,000 of debt due to two insiders of the Company. During the meeting, Thomas R. Atkins, Paul A. Carroll and Donald Padgett were re-elected to the Board of Directors. In addition, Malcolm P. Burke was elected as a new independent Director to the Board.
Mr. Burke is the founder and CEO of Primary Ventures Corporation, a company providing financing and advisory services to promising startup and development stage ventures. His proven ability to raise capital coupled with his wealth of business and financial experience will be a valuable asset to the Company. Mr. Burke has served as a director and executive committee member to a number of international private as well as public companies listed on the TSX, NASDAQ, and American Stock Exchange.
The Company's 2014 Plan, which had been approved by the directors on December 16, 2014, provides for the grant at any time of options to purchase a maximum of 10% of the issued and outstanding common shares of the Company at the time of grant. The 2014 Plan replaces a prior Plan under which options to purchase a maximum of 20% of a stated number of shares could be granted.
Following the foregoing issuance of shares in settlement of debt, War Eagle will have 21,990,276 common shares outstanding and options and warrants to purchase up to 4,106,840 common shares of the Company.
For additional information please contact:
War Eagle Mining Company Inc.
Thomas R. Atkins
President and CEO
416-509-4326
[email protected]
This news release was prepared by management of War Eagle, which takes full responsibility for its contents. 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.
Original Article: http://www.wareaglemining.com/s/NewsReleases.asp?ReportID=691692&_Type=News-Releases&_Title=War-Eagle-Debt-Settlement-and-Annual-Meeting-Results
