Vancouver, BC: Galore Resources Inc. (TSX-V: GRI) (the “Company”) is pleased to report that at the Annual and Special General Meeting of its shareholders held November 8, 2018 (the “ASGM”), the Company experienced a very strong turnout of votes. A total of 43 votes were received, representing 68,454,243 shares or 55.86% of the Company’s issued share capital. All resolutions proposed and voted on at the meeting were approved and duly passed.
At the meeting, shareholders approved the number of directors for the ensuing year be fixed at five (5) and the re-election of all incumbent directors: Mr. James Michael McMillan, Charles G. Troup, Kenneth Coe, Tex C. Enemark and Lorne Sivertson, to hold office until the next annual general meeting. Subsequent to the ASGM, the directors of the Company re-appointed the following officers of the Company: Mr. James Michael McMillan as President, Chairman and Chief Executive Officer, Mr. Andrew McMillan as Chief Financial Officer, and Pamela White as Corporate Secretary.
Shareholders also approved the re-appointment of its auditors, DeVisser Gray, Chartered Professional Accountants, as the independent auditor of the Company for the ensuing year, at a remuneration to be fixed by the Board of Directors.
Additionally, the Company received majority approval from the independent shareholders of the Company to an increase of the number of shares reserved for issuance under the Company’s Stock Option Plan from 21,467,000 to 24,500,000 shares. Approval was also received to the grant of incentive stock options to insiders of the Company as a group within a 12 month period, (or at any point in time) allowing such grants to represent more than 10% of the total issued and outstanding Common Shares of the Company, as well as the grant of incentive stock options to any one optionee within a 12 month period, (or at any point in time) allowing such grant to represent more than 5% of the total issued and outstanding Common Shares of the Company.
The extension of the expiry date of 1,000,000 incentive options held by one optionee, such that the optionee be allowed to holds options in excess of 5% of the Company’s issued share capital, as well the prior grant of 4,300,000 incentive options to insiders of the Company, such that the insiders as a group are allowed to holds options in excess of 10% of the Company’s issued share capital were also ratified and approved by a majority of independent shareholders.
Details of the matters approved at the ASGM are set out in the Company’s Management Information Circular dated October 4, 2018 which can be found either on the Company’s website at www.galoreresources.com or on SEDAR at www.sedar.com.
The Company also announces the grant of 1,900,000 to directors, officers and consultants of the Company, exercisable at a price of $0.10 for a period of 5 years from the date of grant.
About Galore Resources
Galore Resources is a mineral exploration and development Company whose focus is to develop significant mineral discoveries, which are supported by a sustainable business model. Our goal is to discover a world-class gold and silver deposit in Mexico. Our flagship project is in the heart of the Concepcion del Oro Mining District, the Dos Santos Project. This project covers two historic gold zones and has the potential to host bulk tonnage gold-silver deposits based on past drilling, trenching and a recent airborne geophysical survey.
ON BEHALF OF THE BOARD
Please visit our website at www.galoreresources.com or contact us at [email protected].
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.
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