TORONTO, June 4, 2014 /CNW/ - Jubilee Gold Exploration
Ltd. (TSX.V: JUB) (the "Corporation") today reported
results of its Annual and a Special meeting (the "Meeting")
of holders of common shares of the Corporation (the
"Shareholders") held on May 29,
2014.
The total number of shares represented at the meeting was
7,464,046 representing approximately 72.05% of the 10,359,871
issued and outstanding common shares of the Corporation.
The following four (4) director nominees, as set out in the
management information circular dated April
15, 2014 (the "Information Circular"), were elected
to serve as directors of the Corporation, to hold office until the
next annual meeting or until their successors are otherwise elected
or appointed:
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1. Jeffrey J.
Becker
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98.16% For; 1.84%
Withheld
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2. Maureen L.
Friesen
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98.16% For; 1.84%
Withheld
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3. Grant V.
Ohman
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98.16% For; 1.84%
Withheld
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4. Mark R.
Warkentin
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98.16% For; 1.84%
Withheld
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The Shareholders approved MNP LLP, Chartered Accountants, by a
vote of 98.25% For; 1.75% Withheld, to serve as auditors of the
Corporation, to hold office until the next annual meeting of
Shareholders of the Corporation or until their successors are
appointed and that the remuneration of the auditors be fixed by the
Board of Directors of the Corporation.
The Shareholders approved, ratified and confirmed the
Corporation's "rolling" stock option plan as set out in the
Information Circular. Shares represented by proxy voted For and
Against were as follows: 98.15% For; 1.85% Against.
The repricing of the outstanding stock options of the
Corporation from $0.27 (Canadian) to
$0.15 (Canadian) as set out in the
Information Circular was also approved, ratified and confirmed by a
majority of disinterested Shareholders. Shares represented by proxy
voted For and Against were as follows: 61.53% For; 38.47%
Against.
Pursuant to the requirements of the policies of the TSX Venture
Exchange (the "TSX-V"), a majority of the minority
Shareholders also approved a voluntary delisting application from
the TSX-V as set out in the Information Circular. The Shareholders
also authorized the Board of Directors of the Corporation to
abstain from proceeding with the delisting application if it deems
it inadvisable to do so. Shares represented by proxy voted For and
Against were as follows: 77.23% For; 22.77% Against.
The Shareholders also approved, ratified and confirmed a special
resolution reorganizing the capital of the Corporation (the
"Capital Reorganization"). Shares represented by proxy voted
For and Against were as follows: 98.15% For; 1.85% Against. The
Capital Reorganization consists of the following steps:
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1.
The filing of articles of amendment creating:
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a.
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a new class of common
shares named the "Class A Common Shares" with the same
characteristics as the existing common shares of the Corporation
(the "Common Shares");
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b.
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a conversion right
with respect to the Common Shares allowing the Corporation effect
the exchange of Common Shares for Class A Common Shares on a 1 for
1 basis;
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c.
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a redemption right
for the Common Shares which will allow the Corporation to redeem
all or a portion of the Common Shares at the published price of the
Corporation's shares as of market close on the day prior to the
date of the redemption notice; and
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2.
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the filing of
articles of amendment cancelling the Common Shares once the Common
Shares have been converted to Class A Common Shares and any Common
Shares, which have not been converted, have been redeemed by the
Corporation.
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The confirmation of the stock option plan, the stock option
repricing and the Capital Reorganization are all subject to final
approval from the TSX-V.
Further details on these matters are set forth in the
Corporation's materials accessible on the Corporation's SEDAR
corporate profile page.
This news release contains forward-looking statements, which
address future events and conditions, which are subject to various
risks and uncertainties. The Corporation's actual results, programs
and financial position could differ materially from those
anticipated in such forward-looking statements as a result of
numerous factors, some of which may be beyond the Corporation's
control. These factors include: the availability of funds; the
timing and content of work programs; results of exploration
activities and development of mineral properties, the
interpretation of drilling results and other geological data, the
uncertainties of resource and reserve estimations, receipt and
security of mineral property titles; project cost overruns or
unanticipated costs and expenses, fluctuations in metal prices;
currency fluctuations; and general market and industry
conditions.
Forward-looking statements are based on the
expectations and opinions of the Corportion's management on the
date the statements are made. The assumptions used in the
preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking
statements.
Neither 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.
SOURCE Jubilee Gold Exploration Ltd.
