Silver Spruce Resources Inc. Announces Results of Annual and Special Meeting of Shareholders
Rhea-AI Summary
Silver Spruce Resources held its reconvened annual and special meeting on November 5, 2024, where shareholders approved all proposed items. The meeting had been adjourned from October 29, 2024, due to lack of quorum. Shareholders elected four directors, reappointed Doane Grant Thornton as auditor, and approved an amended stock option plan. Notably, shareholders approved a 15:1 share consolidation, which would reduce the current 322,547,832 outstanding shares to approximately 21,503,188 shares. The consolidation must be implemented within 18 months and requires TSX Venture Exchange approval.
Positive
- Shareholders approved all proposed items including board elections and auditor appointment
- 15:1 share consolidation approved, potentially improving share structure and marketability
Negative
- Meeting had to be reconvened due to initial lack of quorum, indicating possible shareholder engagement issues
- Significant share consolidation (15:1) could impact stock liquidity
News Market Reaction – SSEBF
In the trading session that priced this news, SSEBF declined 31.77%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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HALIFAX, NS / ACCESSWIRE / November 5, 2024 / (TSXV:SSE) - Silver Spruce Resources Inc. ("Silver Spruce" or the "Corporation"), announced today that its shareholders voted in favour of all items of business brought before them at the Corporation's reconvened annual and special meeting of shareholders held on November 5, 2024 (the "Meeting"). The Meeting had been adjourned from the original meeting date of October 29, 2024 to today's date due to a lack of quorum.
At the meeting, the four nominees to the Corporation's Board of Directors, namely Michael Kinley, J. Gregory Davison, Kevin O'Connor and Kevin Thieneman were elected for the ensuing year.
Doane Grant Thornton (formerly Grant Thornton LLP) was re-appointed as the Corporation's auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, at a remuneration to be fixed by the Board.
An ordinary resolution was passed by shareholders that amended and restated the Corporation's stock option plan dated April 18, 2022, subject to TSX Venture Exchange approval. Details of the amended and restated stock option plan are contained in the Corporation's management information circular dated September 23, 2024.
Shareholders also passed a special resolution to approve a consolidation of the Corporation's common shares on the basis of one post-consolidation share for every fifteen (15) old shares, subject to TSX Venture Exchange approval (the "Consolidation"). The Consolidation may become effective at a date in the future to be determined by the Board of Directors of the Corporation, when the Board of Directors considers it to be in the best interests of the Corporation to implement such Consolidation, but in any event not later than eighteen months after the date hereof.
In the event that the Consolidation would result in the issuance of a fractional share, no fractional share shall be issued, and such fractional share will be rounded down in the case of a fractional interest that is less than 0.5 or rounded up in the case of a fractional share that is 0.5 or greater. The Corporation currently has 322,547,832 common shares outstanding. For illustrative purposes only, if the Consolidation were to occur as of today's date, there would be approximately 21,503,188 common shares issued outstanding.
Further details of the Consolidation are contained in the Corporation's management information circular dated September 23, 2024, which was filed and is available on SEDAR+ under the Corporation's profile. The Corporation will not declare a record date for the purposes of the Consolidation.
About the Corporation
Silver Spruce Resources Inc. is a Canadian junior exploration company holding
Forward-Looking Statements
This news release contains "forward-looking statements." Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. The Corporation is not in control of metals prices and these could vary to make development uneconomic. The forward-looking statements in this news release, including, without limitation, forward-looking statements relating to the matters to be approved at the Meeting, are made as of the date of this news release, and the Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Corporation believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
CAUTIONARY STATEMENT:
Neither 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.
For further information:
Greg Davison, PGeo, Vice-President Exploration and Director
(250) 521-0444
gdavison@silverspruceresources.com
Michael Kinley, CEO and Director
(902) 402-0388
mkinley@silverspruceresouces.com
info@silverspruceresouces.com
www.silverspruceresources.com
SOURCE: Silver Spruce Resources Inc.
View the original press release on accesswire.com