VVC Exploration: Results of Annual Shareholders Meeting & Grant of Options
TORONTO, ONTARIO--(Marketwired - Aug 30, 2017) - VVC Exploration Corp. ("VVC" or the "Company") (TSX VENTURE:VVC) announces that its Annual General Meeting of Shareholders ("AGM") took place on August 25, 2017 and that the shareholders approved the election of all Directors proposed by Management. With the exception of Scott Hill (http://ir.theice.com/governance/management/scott-hill), those elected were the existing Directors of the Company. In addition, shareholders approved all other matters presented at the AGM, including the re-appointment of MNP LLP as auditors of the Company. The aggregate votes cast at the AGM represented 40,881,101 shares or 22.5% of all issued and outstanding shares.
Following the formal part of the AGM chaired by Terrence Martell, the President of the Company, Jim Culver, updated the attendees on the status of the Company. Subsequently, Andre St-Michel, leading consultant to the Company in Mexico, and Peter Dimmell, a Director and the Qualified Person of the Company, provided reviews of the Company's Samalayuca Project. These reviews included the results of a recent ground magnetic survey used to help plan the drilling program which started on August 24, 2017 The magnetic survey shows the mineralized zones, as mined by gambusinos (artisanal miners) in the 1950's and 1960's, lie over magnetic lows which extend along strike away from the historically mined open pits. Both Samalayuca presentations will be posted on the VVC website.
In a subsequent Board Meeting, the Directors reappointed the following executive officers for VVC:
- Jim Culver, President and CEO
- Terrence Martell, Chairman of the Board
- Kevin Barnes, Chief Financial Officer
- Michel Lafrance, Secretary-Treasurer
The Company also announces the grant of incentive stock options under its stock option plan, to officers, directors and consultants of the Company, to purchase up to an aggregate of 10,250,000 common shares, representing 5.6% of the outstanding shares of the Company. The stock options are exercisable at a price of CA$0.05 per share expiring August 30, 2026. Pursuant to the TSX Venture Exchange policies, the exercise price was fixed at the minimum allowable price. The options, granted in accordance with the provisions of the Company's stock option plan, are subject to the TSX Venture Exchange policies and the applicable securities laws.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company with projects in Mexico and Canada, including the Samalayuca copper property in Chihuahua State, and gold and silver prospects in Sonora and Sinaloa States, Mexico. The Company also has a grassroots gold/VMS prospect in the Timmins area of northern Ontario.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.