KWG Announces Results and Adjournment of Annual and Special Shareholders' Meeting
Toronto, Ontario--(Newsfile Corp. - September 12, 2018) - KWG Resources Inc. (CSE: KWG) (FSE: KW61) ("KWG" or the "Company") is pleased to announce the results of the annual and special meeting of shareholders (the "Meeting") held September 11, 2018. Shareholders holding an aggregate of 410,411,070 votes (40.32% of the outstanding votes) were present or represented by proxy at the Meeting.
The shareholders voted in favour of four of the items tabled at the Meeting, namely: (i) the re-appointment of UHY McGovern Hurley LLP as auditors of the Company, which was approved by 98.58% of the votes cast by shareholders present in person or represented by proxy at the Meeting, (ii) setting the number of directors (between the minimum and maximum prescribed by the Company's articles) at five (5), which was approved by 89.30% of the votes cast by shareholders present in person or represented by proxy at the Meeting; (iii) the amendment to the Company's stock option plan, which was passed by 55.39% of the votes cast by shareholders present in person or represented by proxy at the Meeting; and (iv) the election of the five nominees listed in the management information circular dated August 7, 2018 as directors of the Company for the ensuing year or until their successors are elected or appointed.
The shareholders adjourned the meeting to allow the solicitation of additional votes to be received with respect to the fifth item tabled at the Meeting, namely a special resolution to create a new class of shares issuable in series and to be designated as "preference shares". While the proposed fifth resolution would have received the approval of a majority of the votes which could have been cast by shareholders present in person or represented by proxy, an approval of at least two-thirds of the votes cast was necessary in order for the resolution to be passed. Accordingly, the Meeting was adjourned to reconvene at 199 Bay Street, Suite 2200, Toronto, Ontario, at 11:00 p.m. (Toronto time) on Friday, October 12, 2018, or such earlier date and time as may be announced by news release at the direction of the Chief Executive Officer.
KWG is the Operator of the Black Horse Joint Venture ("JV") after acquiring a vested 50% interest through Bold Ventures Inc ("Bold") from Fancamp Exploration Ltd ("Fancamp"). KWG funds all JV exploration expenditures and Bold is carried for a 20% interest in KWG's interest. KWG has a 30% interest in the Big Daddy Joint Venture of which Noront Resources Inc is the operator.
KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario.
KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas and an accelerant. KWG subsidiary, Muketi Metallurgical LP, is prosecuting two chromite-refining patent applications in Canada, India, Indonesia, Japan, Kazakhstan, South Africa, South Korea, Turkey, and USA. The national phase filings are under review in each of those jurisdictions, save that Canada, South Africa and Kazakhstan have now each issued a Patent for the direct reduction method.
For further information, please contact:
Bruce Hodgman, Vice-President: 416-642-3575 ~ email@example.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and KWG disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.