VANCOUVER, BRITISH COLUMBIA / January 16, 2019 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTCQB: MGXMF) is pleased to report that shareholders voted in favor of all resolutions brought forth at the Company’s annual general and special meeting of shareholders (the “Meeting”) held on Friday, January 11, 2019 in Vancouver, British Columbia.
At the Meeting 17.7% of shares on record were voted. The ordinary resolutions proposed and approved at the Meeting included:
- The number of Directors was set to five;
- The five members re-elected to the Board of Directors included: Jared Lazerson, Lyndon Patrick, Michael Reimann, Andris Kikauka and Christopher Wolfenberg;
- Adam Sung Kim Ltd. was re-appointed as auditor of the Company; and
- The existing 10% rolling stock option plan was approved.
MGX shareholders also approved the special resolution to authorize a plan of arrangement involving MGX, its shareholders and its wholly-owned subsidiary, MGX Renewables Inc. (the “Reorganization Resolution”). Under the plan of arrangement, MGX shareholders of record on June 29, 2018 would receive one MGX Renewables Inc. share for each 12.4163 MGX shares then held, and MGX shareholders of record on October 22, 2018 would receive on MGX Renewables Inc. share for each 59.8186 MGX shares then held as a return of capital. The Reorganization Resolution was approved by approximately 98.06% of the votes cast by MGX shareholders represented in person or by proxy at the Meeting.
As previously announced, with respect to MGX Renewables Inc., the Company will complete a spin-out of 40% of the common shares of MGX Renewables Inc. to shareholders pursuant to a plan of arrangement as part of a going public transaction planned for February 2019.