Morien Announces Results of Annual and Special Meeting of Shareholders
June 15, 2017 – Halifax, Nova Scotia – Morien Resources Corp. (“Morien” or the “Company“) (TSXV:MOX), is pleased to announce its shareholders voted in favour of all items of business brought before them at the Company’s Annual and Special Meeting of Shareholders (“AGM”) held on June 14, 2017 in Halifax, Nova Scotia. Details of the AGM are provided below.
Election of Directors
The number of directors was fixed at five, with Peter Akerley, John Budreski, John Byrne, Charles Pitcher, and William Ritchie elected to the Company’s board of directors for the ensuing year.
Following the AGM, the Morien Board of Directors confirmed the appointments of its executive officers, namely: President and Chief Executive Officer – John Budreski; Chairman of the Board – Peter Akerley; Chief Financial Officer – Michael O’Keefe; and Corporate Secretary – Suzan Frazer.
Appointment of Auditor
KPMG LLP was re-appointed as the Company’s auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed.
Reduction of Stated Capital Resolution
The shareholders approved a special resolution authorizing the reduction of the stated capital account of the common shares of the Company. The purpose of reducing Morien’s stated capital was to position the Company to potentially pay dividends in the future if, as and when declared by its Board of Directors.
Approval of Stock Option Plan
The shareholders also approved the renewal of the Company’s 10% rolling incentive stock option plan in accordance with the rules and policies of the TSX-V.
Morien is a Canadian mining exploration and development company, focused on unique mineral industry opportunities in North America with two long-life royalty assets and a strong cash position. Morien has 52,736,614 issued and outstanding common shares and a fully diluted position of 57,911,614. Further information is available at www.MorienRes.com.
Some of the statements in this news release may constitute “forward-looking information” as defined under applicable securities laws. These statements reflect Morien’s current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in Morien’s annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including gold, coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in Canadian dollars.
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 release.
For more information, please contact:
John P.A. Budreski, President and CEO
Phone: (416) 930-0914
Dawson Brisco, P.Geo, VP Corporate Development
Phone: (902) 466-7255