Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“
Cornish Metals” or the
“
Company”) is pleased to announce the results of
its 2023 Annual General and Special Meeting of the shareholders of
the Company held via live audio teleconference on June 29, 2023
(the “
Meeting”). Proxies representing 261,370,202
common shares of the Company (“
Common Shares”),
and shareholders holding 350,000 Common Shares, being in aggregate
48.89% of the issued and outstanding Common Shares as at the date
hereof, were voted. All resolutions were passed.
Mr. Grenville Thomas
Mr. Grenville Thomas, founder of Cornish Metals,
did not stand for re-election to the Board. Richard Williams, CEO
and Director, and the Board of Directors, would like to thank Gren
for his contribution to the Company since he founded it over 20
years ago. Mr. Thomas will continue to be associated with the
Company as Chairman Emeritus.
Meeting Results
Capitalized terms not otherwise defined in this
news release shall have the meanings ascribed thereto in the
Company’s Management Proxy Circular dated May 18, 2023 (the
“Circular”).
The voting results of the business of the
Meeting are summarized as follows:
MOTION |
Votes For |
% For |
Votes Against |
% Against |
Votes Withheld |
% Withheld |
Number of directors set at seven |
261,188,865 |
99.93 |
181,337 |
0.07 |
N/A |
N/A |
Election of Patrick F.N. Anderson |
258,480,629 |
99.93 |
192,141 |
0.07 |
N/A |
N/A |
Election of Richard D. Williams |
258,491,629 |
99.93 |
181,141 |
0.07 |
N/A |
N/A |
Election of Kenneth A. Armstrong |
258,488,433 |
99.93 |
184,337 |
0.07 |
N/A |
N/A |
Election of Donald Njegovan |
258,489,629 |
99.93 |
183,141 |
0.07 |
N/A |
N/A |
Election of John F.G. McGloin |
258,496,933 |
99.93 |
175,837 |
0.07 |
N/A |
N/A |
Election of Stephen T. Gatley |
258,497,433 |
99.93 |
175,337 |
0.07 |
N/A |
N/A |
Election of Anthony Trahar |
258,488,629 |
99.93 |
184,141 |
0.07 |
N/A |
N/A |
Appointment of Auditors |
261,289,157 |
99.98 |
N/A |
N/A |
62,026 |
0.02 |
Approval of the Stock Option Plan Resolution |
258,279,737 |
99.85 |
394,309 |
0.15 |
N/A |
N/A |
Approval of the RSU Plan Resolution |
258,309,081 |
99.86 |
364,965 |
0.14 |
N/A |
N/A |
Approval of the General Share Authority Resolution |
258,443,431 |
99.91 |
230,615 |
0.09 |
N/A |
N/A |
Approval of the Pre-Emptive Disapplication Authority
Resolution |
258,454,431 |
99.92 |
219,615 |
0.08 |
N/A |
N/A |
Approval of the RSU Plan Share Authority Resolution |
258,291,731 |
99.85 |
382,315 |
0.15 |
N/A |
N/A |
At the Meeting, pursuant to the Stock Option
Plan Resolution, shareholders approved the Amended Option Plan,
which was amended in respect of certain amendments as further
described in the Circular, together with certain clarifying,
housekeeping changes which did not require shareholder approval.
The maximum number of Common Shares issuable under the Amended
Option Plan, together with the number of Common Shares issuable
under outstanding security based compensation granted otherwise
than under the Amended Option Plan, shall not exceed 10% of the
issued and outstanding Common Shares from time to time. As of the
date hereof, the maximum number of Common Shares issuable under the
Amended Option Plan is equal to 53,527,071.
Further, at the Meeting, pursuant to the RSU
Plan Resolution, shareholders approved the adoption by the Company
of the RSU Plan. The maximum number of Common Shares issuable under
the RSU Plan, together with the number of Common Shares issuable
under outstanding security based compensation granted otherwise
than under the RSU Plan, shall not exceed 10% of the issued and
outstanding Common Shares from time to time. As of the date hereof,
the maximum number of Common Shares issuable under the RSU Plan is
equal to 48,377,071.
The Amended Option Plan and the RSU Plan are
subject to the final approval of the TSX Venture Exchange.
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and
TSX-V: CUSN) focused on advancing the South Crofty high-grade,
underground tin project through to delivery of a Feasibility Study,
as well as exploring its additional mineral rights, all located in
Cornwall, South West England. The former producing South Crofty tin
mine is located beneath the towns of Pool and Camborne and closed
in 1998 following over 400 years of continuous production. Since
acquiring the project in 2016, Cornish Metals has completed and
published maiden NI 43-101 Mineral Resources for South Crofty using
the vast archive of historical production data and more recent
drilling completed between 2007 and 2013. Additionally, Cornish
Metals has undertaken extensive pilot-scale water treatment trials
and successfully applied for and received the necessary
environmental permits to abstract, treat and discharge mine water
in order to dewater the mine. Planning permissions for the
operation of the mine and re-development of the surface facilities
have been secured and construction of the water treatment plant is
currently well underway.
An updated Mineral Resource was completed in
June 2021 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass (‘000 tonnes) |
Grade |
Contained Tin / Tin Equivalent (‘000 tonnes) |
Increase in contained Tin / Tin equivalent from 2016
MRE |
Lower Mine |
Indicated |
2,084 |
1.59% Sn |
33 |
10.2% |
Inferred |
1,937 |
1.67% Sn |
32 |
129.8% |
|
Upper Mine |
Indicated |
277 |
1.01% SnEq |
3 |
9.5% |
Inferred |
493 |
0.93% SnEq |
5 |
8.0% |
The Mineral Resource Estimate for South Crofty
(see news release dated June 9, 2021), is available in a report
titled the “South Crofty Tin Project Mineral Resource Update” dated
June 7, 2021, authored by Mr. N. Szebor, CGeol (London), EuroGeol,
FGS, of AMC Consultants (UK) Ltd, can be accessed through the link
and on the Company’s SEDAR page.
The technical information in this news release
has been compiled by Mr. Owen Mihalop who has reviewed and takes
responsibility for the data and geological interpretation. Mr. Owen
Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief
Operating Officer for Cornish Metals Inc. and has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012) and as a Qualified Person under NI 43-101. Mr.
Mihalop consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
it appears.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene.dorsman@cornishmetals.com
SP Angel Corporate Finance LLP (Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Jay Ashfield |
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
|
Tim Blythe |
tim.blythe@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.com |
|
|
|
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
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.
Caution regarding forward looking
statements
This news release contains "forward-looking
statements". Forward-looking statements, while based on
management's best estimates and assumptions at the time such
statements are made, are subject to risks and uncertainties that
may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to receipt of regulatory
approvals, risks related to general economic and market conditions;
risks related to the COVID-19 global pandemic and any variants of
COVID-19 which may arise; risks related to the availability of
financing; the timing and content of upcoming work programmes;
actual results of proposed exploration activities; possible
variations in Mineral Resources or grade; outcome of the current
Feasibility Study; projected dates to commence mining operations;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations
on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining
operations, tax rules and regulations. Although Cornish Metals has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Cornish Metals
undertakes no obligation or responsibility to update
forward-looking statements, except as required by law.
Cornish Metals (TSXV:CUSN)
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Cornish Metals (TSXV:CUSN)
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