MacDonald Mines Announces Results of Annual and Special Meeting of Shareholders and the Meeting of Board of Directors
MacDonald Mines Exploration Ltd. (BMK: TSX-V) (the "Company") announces the results of its Annual and Special Meeting of its Shareholders (the "AGSM") held on June 28, 2011 in Montreal, Quebec. A quorum of the Company's outstanding common stock as of the record date of May 16, 2011 was present in person or by proxy.
- To appoint MSCM LLP, Chartered Accountants, as the Auditors of the Company and to authorize the Directors to fix their remuneration.
- To elect the following seven Directors to serve until the next Annual General Meeting of Shareholders or until such time as there successors are elected or appointed:
i. John P. Sanderson
ii. Hadyn Butler
iii. J.A. Kirk McKinnon
iv. Richard E. Schler
v. Julie Lee Harrs
vi. Alex Iannone
vii. Quentin Yarie
- To consider and, if appropriate, to pass, with or without variation, and ordinary resolution approving and confirming the shareholder rights plan adopted by the Company.
- To consider and, if deemed advisable, to adopt a special resolution authorizing the continuance of the Company to the federal jurisdiction under the Canada Business Corporations Act.
- To consider and, if deemed advisable, to adopt an ordinary resolution approving, ratifying and confirming By-Law No. 1 of the Company, replacing and repealing all of the current by-laws of the Company.
- To approve the continuation of the Company’s Stock Option Plan as currently instituted.
- To approve share issuances in lieu of cash remuneration to Directors and Officers.
All resolutions passed by votes in excess of 99% of the shares voted at the Meeting.
Board of Directors’ Meeting
The Company is also pleased to announce that on June 29, 2011, a meeting of the Board of Directors was conducted via telephone conference. At the Meeting, the Board of Directors approved the following appointments to serve in those capacities until the next annual Meeting of Shareholders:
John P. Sanderson as Chairman of the Board of Directors
J.A. Kirk McKinnon as President and Chief Executive Officer
Richard E. Schler as Chief Operating Officer & Chief Financial Officer
On July 19, 2011, a total of 2,225,000 stock options were granted or reissued to directors, officers and consultants of the Company in accordance with the terms of the Company’s incentive stock option plan filed with the TSX Venture Exchange and approved by shareholders on June 28, 2011. The options are exercisable at a price of $0.15 per share for a period of five years.
About MacDonald Mines Exploration Ltd.
MacDonald Mines is a mineral exploration company with an established exploration history in the Canadian Northlands. MacDonald Mines has set upon a strategic direction of exploration with particular focus on nickel, chrome, copper, zinc, vanadium and titanium in the “Ring of Fire” area of the James Bay Lowlands of Northern Ontario. More detailed information about the Company is available on the website at www.macdonaldmines.com
For more information, please contact:
Toll Free: 1 - (800) 818-5442
Tel: (416) 364-4986
Fax: (416) 364-2753
Brent Nykoliation, Vice President, Business Development
Quentin Yarie, P.Geo, Senior Vice President, Exploration
Kirk McKinnon, President & CEO
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of MacDonald Mines Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from MacDonald Mines plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by MacDonald Mines with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.