Hornby Bay Mineral Exploration Ltd. Announces Results of Annual and Special Meeting
Toronto, January 7, 2021 - Hornby Bay Mineral Exploration Ltd. (TSXV: HBE) (OTCQX: HBEXF) (the "Company") is pleased to announce the results of its annual and special meeting of shareholders (the "Meeting") held earlier today. All matters presented for approval at the Meeting were duly authorized and approved, as follows:
| 1. | Election of Directors The following nominees were elected as directors of the Company. The results of the votes cast are as follows: | ||
| Votes For | Votes Withheld | ||
| (a) Frederic Leigh | 56,931,381 (99.895%) | 59,865 (0.105%) | |
| (b) Chris Irwin | 56,921,547 (99.878%) | 69,699 (0.122%) | |
| (c) Galen McNamara | 56,945,547 (99.920%) | 45,699 (0.080%) | |
| (d) Maurice Colson | 56,945,547 (99.920%) | 45,699 (0.080%) | |
| 2. | Election of Directors The following nominees were elected as directors of the Company, conditional on and effective upon completion of the proposed transaction (the "Proposed Transaction"), as more fully described in the Company's press release of December 3, 2020 and management information circular dated December 8, 2020. The results of the votes cast are as follows: | ||
| Votes For | Votes Withheld | ||
| (a) Victor Cantore | 56,935,548 (99.902%) | 55,698 (0.098%) | |
| (b) Simon Marcotte | 56,925,548 (99.885%) | 65,698 (0.115%) | |
| (c) Frank Guillemette | 56,901,548 (99.843%) | 89,698 (0.157%) | |
| (d) Brad Humphrey | 56,925,548 (99.885%) | 65,698 (0.115%) | |
| (e) Maurice Colson | 56,925,548 (99.885%) | 65,698 (0.115%) | |
| 3. | Appointment of Auditor Wasserman Ramsay, Chartered Accountants were appointed as auditor of the Company until the next annual meeting of shareholders and the board of directors were authorized to fix the remuneration of the auditor. | ||
| 4. | Approval of Stock Option Plan The approval and confirmation of the stock option plan of the Company was approved by shareholders. | ||
| 5. | Approval of Name Change The approval to change the name of the Company to such name as the directors of the Company, in their sole discretion, may determine and as may be acceptable to the Director appointed under the Business Corporations Act (Ontario) was approved by shareholders. | ||
| 6. | Approval of Consolidation The approval to effect the consolidation of all of the issued and outstanding common shares of the Company on the basis of up to seven (7) old common shares for one (1) new common share was approved by shareholders. | ||
| 7. | Approval of Control Person The approval of Frank Guillemette as the new "Control Person" of the Company, conditional on and effective upon completion of the Proposed Transaction was approved by a majority of the disinterested shareholders. | ||
| 8. | Approval of RSU/DSU Plan The approval of adoption by the Company of a restricted share unit and deferred share unit compensation plan and any grants to be made thereunder was approved by a majority of the disinterested shareholders. | ||
For further information, please contact:
Fred Leigh
President & CEO of Hornby Bay Mineral Exploration Ltd.
Phone: (416) 861-5933
Email: info@hornbybay.com
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.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and, if applicable, disinterested shareholder approval. The Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative. The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this news release. Further details of the Proposed Transaction contemplated by the definitive agreement with respect to the Proposed Transaction will be included in subsequent news releases and disclosure documents to be filed by the Company.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
