Cleghorn Minerals Announces Annual General and Special Meeting Results

Rhea-AI Summary

Cleghorn Minerals (TSXV: CZZ) held its annual general and special meeting on October 18, 2024, in Val-d'Or, Québec. Shareholders re-elected four incumbent directors and appointed Raymond Chabot Grant Thornton LLP as the company's auditor. The 10% rolling stock option incentive plan was re-approved. Shareholders also approved the creation of Glenn J. Mullan and Joseph Groia as Control Persons, subject to TSX Venture Exchange policies.

The company's articles were altered to include mandatory procedures for director nominations. Following the meeting, the Board reconstituted its committees and reappointed officers. Glenn J. Mullan was reappointed as President and CEO, while Isabelle Gauthier was named CFO and Corporate Secretary. The Board granted 950,000 incentive stock options to directors, officers, and consultants at $0.05 per share for a 5-year period.

Positive

• Re-election of incumbent directors indicates stability in company leadership
• Approval of Glenn J. Mullan and Joseph Groia as potential Control Persons may signify increased investment interest
• Granting of 950,000 incentive stock options aligns management interests with shareholders

Negative

• Low stock option price of $0.05 per share might indicate current low market valuation

Val-d'Or, Québec--(Newsfile Corp. - October 18, 2024) - Cleghorn Minerals Ltd. (TSXV: CZZ) ("Cleghorn" or the "Company") announces the results of its annual general and special meeting of shareholders (the "Meeting") held in Val-d'Or, Québec, and by telephone conference, on October 18, 2024.

At the Meeting, shareholders re-elected the four incumbent directors, being Joseph Groia, Glenn J. Mullan, Karen Rees and Christian Wirth. Shareholders also appointed Raymond Chabot Grant Thornton LLP as the Company's auditor, and re-approved the previously adopted 10% rolling stock option incentive plan.

In addition, shareholders approved, by a simple majority vote of disinterested shareholders, (1) the creation of Glenn J. Mullan as a Control Person; and (2) the creation of Joseph Groia as a Control Person – as required by the policies of the TSX Venture Exchange. Should either Mr. Mullan or Mr. Groia acquire in the future further common shares of Cleghorn such that they tip the 20% Control Person ownership threshold, submission will be made to the Exchange, in accordance with the policies of the Exchange, for acceptance by the Exchange of Mr. Mullan and Mr. Groia, respectively, as a Control Person of Cleghorn.

Shareholders also passed a resolution, by special majority, for alteration of the Company's articles to include mandatory procedures for nominations of persons for election as directors, including advance notice and disclosure requirements for nominations by shareholders.

Following the Meeting, the Board reconstituted its Audit Committee, its Compensation and Corporate Governance Committee and its Health & Safety/Sustainability Committee and also reappointed officers for the ensuing year as follows:

President and Chief Executive Officer:
Glenn J. Mullan

Chief Financial Officer and Corporate Secretary:
Isabelle Gauthier

The Company's Board has granted incentive stock options to its directors, officers and consultants entitling the purchase of an aggregate 950,000 common shares at a per share price of $0.05 for a period of 5 years.

For additional information, please contact:

Glenn J. Mullan
2772 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Email: glenn.mullan@groupzedzed.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227117

FAQ

What were the key outcomes of Cleghorn Minerals' (TSXV: CZZ) annual general meeting on October 18, 2024?

The key outcomes included re-election of four incumbent directors, appointment of Raymond Chabot Grant Thornton LLP as auditor, re-approval of the stock option plan, approval of Glenn J. Mullan and Joseph Groia as potential Control Persons, and alteration of company articles for director nomination procedures.

How many incentive stock options did Cleghorn Minerals (TSXV: CZZ) grant and at what price?

Cleghorn Minerals granted 950,000 incentive stock options to directors, officers, and consultants at a price of $0.05 per share for a period of 5 years.

Who was appointed as President and CEO of Cleghorn Minerals (TSXV: CZZ) following the annual meeting?

Glenn J. Mullan was reappointed as President and Chief Executive Officer of Cleghorn Minerals following the annual general meeting.