Hemisphere Energy Announces Results from Annual General and Special Meeting of Shareholders

Rhea-AI Summary

Hemisphere Energy Corporation (HMENF) held its Annual General and Special Meeting of Shareholders with 41,688,604 common shares voted, representing 43.07% of total outstanding shares. Shareholders approved all proposed items including: setting the board size at six directors, electing Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman to the Board, reappointing KPMG LLP as auditors, approving the Amended and Restated Stock Option Plan, ratifying the Bonus Award Incentive Plan, and approving the grant of 1,221,000 restricted share units.

Vancouver, British Columbia--(Newsfile Corp. - June 2, 2025) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") announces the results of its Annual General and Special Meeting of Shareholders ("AGSM") that was held today.

A total of 41,688,604 common shares were voted at the AGSM, representing 43.07% of total shares issued and outstanding as at the April 14, 2025 record date of the AGSM.

Shareholders voted in favour of all items considered at the AGSM, including:

1. Fix the Number of Directors: The number of directors of the Company was set at six (6).
2. Election of Directors: The following individuals were elected to the Board of Directors of the Company for the ensuing year: Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman.
3. Appointment of Auditor: Shareholders approved the reappointment of KPMG LLP as auditors of the Company for the ensuing year at a remuneration to be fixed by the Board of Directors.
4. Approval of Amended and Restated Stock Option Plan: Shareholders passed an ordinary resolution ratifying, confirming and approving the Company's Amended and Restated Stock Option Plan.
5. Approval of Bonus Award Incentive Plan: Shareholders passed an ordinary resolution ratifying, confirming and approving the Company's Bonus Award Incentive Plan.
6. Ratification of RSU Grants: Disinterested Shareholders passed an ordinary resolution approving, confirming and ratifying the grant of an aggregate of 1,221,000 restricted share units.

About Hemisphere Energy Corporation

Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME" and on the OTCQX Venture Marketplace under the symbol "HMENF".

For further information, please visit the Company's website at www.hemisphereenergy.ca to view its corporate presentation or contact:

Don Simmons, President & Chief Executive Officer
Telephone: (604) 685-9255
Email: info@hemisphereenergy.ca

Website: www.hemisphereenergy.ca

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 news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254270

FAQ

What were the key decisions made at Hemisphere Energy's (HMENF) 2025 Annual General Meeting?

Shareholders approved setting the board at 6 directors, elected new board members, reappointed KPMG LLP as auditors, approved a stock option plan, bonus award plan, and ratified 1,221,000 restricted share units.

Who are the newly elected board members of Hemisphere Energy (HMENF) for 2025?

The elected board members are Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman.

What percentage of Hemisphere Energy's shares were voted at the 2025 AGSM?

A total of 41,688,604 common shares were voted, representing 43.07% of total shares issued and outstanding.

How many restricted share units were approved at Hemisphere Energy's 2025 AGSM?

Shareholders approved the grant of 1,221,000 restricted share units.