Minto Metals Announces Results Of Annual And Special Meeting of Shareholders and Grant of Options

Minto Metals Announces Results Of Annual And Special Meeting of Shareholders and Grant of Options

by ahnationtalk on June 29, 202246 Views

June 29, 2022

WHITEHORSE, YT, June 29, 2022 – Minto Metals Corp. (TSXV: MNTO) (“Minto” or the “Company”) today announced the following results for each item of business considered at Minto’s Annual and Special Meeting of Shareholders held on June 28, 2022 (the “Meeting”). All resolutions were passed at the Meeting.

Fixing the Number of Directors.

99.96% of the shares voted in favour of fixing the number of directors of the Company at eight (8).

Election of Directors.

The following table sets out the votes in respect of the election of directors:

Nominee

% For

% Withheld

Greg McKnight

100.00

Derek White

93.84

6.26

Edie Hofmeister

100.00

Gati Al-Jebouri

100.00

Lazaros Nikeas

88.75

11.25

Joe Phillips

100.00

Chris Stewart

100.00

Jay Johnson

94.91

5.09

Appointment of Auditors.

100% of shares voted were voted in favor of re-appointing Deloitte LLP as auditor and authorizing the board of directors of the Company to fix the auditors remuneration for the following year.

Re-Approval of Long-Term Incentive Plan and Certain TSX-V Amendments Thereto.

100% of the shares voted were voted in favour of re-approving the 10% rolling long-term incentive plan of the Company (the “Equity Incentive Plan”), including certain amendments thereto to comply with the requirements of the new TSX Venture Exchange (“TSX-V”) Policy 4.4 governing security-based compensation as a “rolling up to 10%” plan which became effective November 24, 2021 (the “TSX-V Amendments”), and the reservation for issuance under the Equity Incentive Plan at any time of a maximum of 10% of the issued and outstanding common shares of the Company, as more particularly described in the management information circular (the “Circular”) for the Meeting.

TSX-V Amendments and Type of Plan Amendment to Equity Incentive Plan.

94.91% of the shares voted were voted in favour, and 69.13% of shares held by disinterested shareholders voting were also voted in favour, of approving the TSX-V Amendments and the amendment to convert the Equity Incentive Plan to a hybrid plan, being a “rolling up to 10% and fixed up to 10% plan” as permitted by the TSX-V (the “Amended and Restated Equity Incentive Plan”). The Amended and Restated Equity Incentive Plan replaces and supersedes the Equity Incentive Plan. A summary of the material terms of the Amended and Restated Equity Incentive Plan is contained in the Circular, and a copy of the Amended and Restated Equity Incentive Plan is attached as Schedule “A” thereto, which, along with a copy of the Amended and Restated Equity Incentive Plan, is available under the Company’s profile on SEDAR at www.sedar.com.

Stock Option Grants

The Company also announced that the Board of Directors have approved the grant of an aggregate of 20,000 stock options (the “Options”) to two new leadership team members under the Company’s Long-Term Incentive Program. The Options were granted pursuant to the Amended and Restated Equity Incentive Plan and are subject to the terms of the applicable award agreements and the requirements of the TSX-V. The Options are each exercisable to acquire one common share of the Company at a price of $2.60 per share for a period of five years from the date of grant. The Options will vest in three installments on each of the grant date and the first and second anniversaries of the grant date.

About Minto Metals Corp.

Minto operates the producing Minto mine located in the Minto Copper Belt, Yukon. The Minto mine has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500Mlbs of copper have been produced from the Minto mine. The current mine operations are based on underground mining, a process plant to produce high-grade copper, gold, and silver concentrate, and all supporting infrastructure associated with a remote location in Yukon. The Minto property is located west of the Yukon River, about 20 km WNW of Minto Landing, the latter on the east side of the river, and approximately 250 road-km north of the City of Whitehorse, the capital city of Yukon.

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.

Contact Information:
For further information:

David J. Birch,
Chief Financial Officer
(416) 895-4824
E-mail: [email protected]

Chris A. Stewart,
President & Chief Executive Officer
(647) 523-6618

NT4

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