TORONTO, ONTARIO–(Marketwired – July 4, 2016) – Kerr Mines Inc. (“Kerr” or the “Company“) (TSX:KER), is pleased to announce that shareholders voted in favour of all resolutions presented in its management information circular at the annual and special meeting (the “Meeting“) held on June 30, 2016. A total of 51,146,361 common shares were voted at the Meeting, representing 40% of the votes attached to all outstanding common shares and voting results are as follows:
| Outcome of Vote | Votes For | Votes Withheld | |
| The election of the following directors: | |||
| Claudio Ciavarella | Carried | 47,716,424 (99.76%) |
116,680 (0.24%) |
| Gregory Gibson | Carried | 30,857,249 (64.51%) |
16,975,855 (35.49%) |
| Christopher Irwin | Carried | 47,645,226 (96.61%) |
187,878 (0.39%) |
| Gregory Smith | Carried | 47,645,672 (99.61%) |
187,432 (0.39%) |
| Fahad Al Tamimi | Carried | 47,716,417 (99.76%) |
116,687 (0.24%) |
| Peter Damouni | Carried | 47,716,417 (99.76%) |
116,687 (0.24%) |
| Ayman Arekat | Carried | 47,716,373 (99.76%) |
116,731 (0.24%) |
| The appointment of Auditors: | Carried | 47,442,770 (99.18%) |
390,334 (0.82%) |
| Outcome of Vote | Votes For |
Votes Against |
|
| Approval of Convertible Promissory Notes by Disinterested Shareholders: | Carried | 47,442,770 (99.18%) |
390,334 (0.82%) |
Following the Meeting, Board of Directors accepted the resignation of Gregory Gibson as President and Chief Executive Officer and of Lisa McCormack as Corporate Secretary and approved the appointment of the following individuals:
- Fahad Al Tamimi – Chairman
- Christopher Hopkins – Interim President and Chief Executive Officer
- Christopher Hopkins – Chief Financial Officer
- Chris Irwin – Corporate Secretary
The Board of Directors also approved the following Board Committees and membership;
| Audit Committee: | |
| Greg Smith (Chair) | |
| Peter Damouni | |
| Ayman Arekat | |
| Corporate Governance Compliance and Disclosure Committee: | |
| Chris Irwin (Chair) | |
| Peter Damouni | |
| Ayman Arekat | |
| Compensation Committee: | |
| Fahad Tamimi (Chair) | |
| Claudio Ciavarella | |
| Greg Gibson | |
| Health Safety and Environmental Committee | |
| Greg Gibson (Chair) | |
| Claudio Ciavarella | |
| Ayman Arekat | |
| Nominating Committee: | |
| All Directors | |
Kerr welcomes its new Board members as it continues its restructuring activities aimed at strengthening the Company through the support and increasing involvement of existing shareholders and creditors.
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines’ business are more fully discussed in the company’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Interim President and CEO
Kerr Mines Inc.
chopkins@kerrmines.com