Gunpowder Capital Corp. Announces Results of its AGM

September 17, 2018 9:00 AM EDT | Source: Gunpowder Capital Corp.

Toronto, Ontario--(Newsfile Corp. - September 17, 2018) - Gunpowder Capital Corp. (CSE: GPC) (CSE: GPC.PR.A) (OTCQB: GNPWF) (FSE: YS6N) (the "Corporation") ") announced today the results of the Corporation's Annual General Meeting ("AGM") of Shareholders which was held on September 14th, 2018 at 11:00 am EST at the Corporation's head office in Toronto.

The Corporation is pleased to report that all items that were set out in the Notice of the Meeting were duly passed at the AGM including the appointment of UHY McGovern, Hurley LLP., as the Corporation's Auditor, the approval of the Corporation's current Stock Option plan and the election of the Directors. Each of the nominee Directors recommended by Management, and listed in the Corporation's Information Circular, and Proxy Statement dated July 30th, 2018 were elected as a Director of the Corporation for a term ending at the next Annual General Meeting of Shareholders. Out of the 32,643,025 common shares eligible to vote at this year's AGM, proxies were received from the holders of 12,125,339 common shares, representing a voting percentage of 37.1%. The voting results are as follows:

Appointment of Auditors

Votes ForVotes AgainstAbstainPercentage in Favor For
12,122,339Nil / 03,00099.9%

 

Approval of Stock Option Plan

Votes ForVotes AgainstAbstainPercentage in Favor For
11,963,540161,7990 / NIL98.6%

 

Election of Directors

Name of Nominee Votes ForAbstain / AgainstPercentage in Favor For
Steve Mlot12,122,3393,00099.9%
Dan Collia11,987,640137,69998.9%
Frank Kordy11,895,540229,79998.1%

 

Mr. Frank Kordy stated: "I'm extremely pleased, yet again, by the very strong voter turnout at this year's AGM, as this is the second consecutive year where over 35% of the eligible vote was cast which is an extremely healthy voting turnout for an entity of this size. Once again, the Shareholders of the Corporation have demonstrated that they have a very strong interest in their Corporation and they have demonstrated that they have strong confidence in the current Management team, and confidence in the direction that their Corporation is currently headed in. As stated at the meeting, since implementing our current merchant banking business model and implementing the retirement of the mining business model, we have now generated $2.2M CDN in revenue vs. generating $0 / Nil in revenues as a mining entity. In Q3 of 2017, we posted the first ever quarterly profit in the Corporation's history. We also continue to witness rapid growth with our incoming revenue streams. In 2016 - which was a transitional and restructuring year - we generated $161,916 CDN in revenue for the twelve months ended, and $34,389 CDN in revenue for the six months ended. In 2017, we generated $1,437,107 CDN in revenue for the twelve months ended and $349,373 CDN in revenue for the six months ended. Thus far in 2018, we have generated $643,793 CDN in revenue for the six months ended which represents a 84% increase for the six months ended in 2018 vs. the six months ended in 2017. Both the Board and the Management team of Gunpowder wish to express their 'thanks' to all shareholders for their continued support. The Management team will continue to work hard in advancing the Corporation forward and we will remain focused on increasing the Corporation's asset pool and incoming revenue streams."

For further information please contact:

Mr. Frank Kordy
CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
E: frank.kordy@gunpowdercapitalcorp.com

Mr. Paul Haber
CFO
Gunpowder Capital Corp.
T: (416) 363-3833
E: paul.haber@gunpowdercapitalcorp.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 the Corporation 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 of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE 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 release. We seek safe harbor.

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