November 18, 2016
November 18, 2016 - Troymet Exploration Corp. (TSXV:TYE) (“Troymet”) is pleased to announce that all matters set forth in the management proxy and information circular dated October 7, 2016 (the “Circular”) were approved by the shareholders of Troymet (“Shareholders”) at Troymet’s annual general and special meeting (the “Meeting”) of Shareholders held today.
Annual General and Special Meeting
All directors as set forth in the Circular were re-elected with each director receiving at least 87.27% of the votes being cast at the Meeting for the election of such director. The current directors of Troymet are Kieran M.J. Downes, Richard Kusmirski, David Billard and Ronald Hugh McMillan. Crowe Mackay LLP, Chartered Accountants, was appointed as the auditors of Troymet with over 98.25% of the votes being cast at the Meeting for the appointment of the auditors. The stock option plan of Troymet was re-approved with over 84.38% of the votes being cast at the Meeting for the re-approval of the stock option plan. The consolidation of the common shares of Troymet on the basis of one (1) new common share for up to every existing ten (10) common shares issued and outstanding immediately prior to the consolidation (the “Consolidation”) was approved with approximately 82.74% of the votes being cast at the Meeting for the approval of the Consolidation.
Further disclosure on the matters approved at the Meeting can be found in the Circular which was filed on SEDAR on October 21, 2016.
Based on preliminary information, approximately 33,299,866 million common shares were voted at the Meeting, representing approximately 27.33% of the outstanding common shares of Troymet.
The Consolidation that was approved as set forth above included the authorization of the Shareholders for Troymet to not proceed with the Consolidation at the sole discretion of the board of directors of Troymet. The board of directors of Troymet currently has not made any decision as to whether or not Troymet will implement the Consolidation, and if so, when and at what ratio. A further news release will be issued in the event that the board of directors of Troymet determines to implement the Consolidation, and if so, the ratio for the Consolidation.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
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
news release contains certain forward-looking information. All statements
included herein, other than statements of historical fact, are forward-looking
information and such information involves various risks and uncertainties. In
particular, this news release contains forward-looking information in respect
of the potential Consolidation of the common shares of Troymet and whether or
not Troymet will implement the Consolidation. There can be no assurance that
such information will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such information. This
forward-looking information reflects Troymet’s current beliefs and is based on
information currently available to Troymet and on assumptions Troymet believes
are reasonable. These assumptions include, but are not limited to, the current
share price of Troymet’s common shares, anticipated exploration costs and
results of Troymet’s projects and exploration and development of Troymet’s
projects, other costs and expenses of Troymet and possible financing scenarios.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors which may cause the actual results, level of
activity, performance or achievements of Troymet to be materially different
from those expressed or implied by such forward-looking information. Such risks
and other factors may include, but are not limited to: the early stage
development of Troymet and its projects; general business, economic,
competitive, political and social uncertainties; capital market conditions and
market prices for securities, junior market securities and mining exploration
company securities; commodity prices; the actual results of current exploration
and development or operational activities; competition; changes in project
parameters as plans continue to be refined; accidents and other risks inherent
in the mining industry; lack of insurance; delay or failure to receive board or
regulatory approvals; changes in legislation, including environmental
legislation, affecting Troymet; timing and availability of external financing
on acceptable terms; conclusions of economic evaluations; and lack of
qualified, skilled labour or loss of key individuals. A description of other
assumptions used to develop such forward-looking information and a description
of other risk factors that may cause actual results to differ materially from
forward-looking information may be found in Troymet’s disclosure documents on
the SEDAR website at www.sedar.com. Troymet does not undertake to update any
forward-looking information except in accordance with applicable securities
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