VANCOUVER, March 12, 2019 /CNW/ - GrowMax Resources Corp.
("GrowMax") (GRO:TSX.V) announces the results of voting at
the annual and special meeting of shareholders held on March 8, 2019 (the "Meeting").
Shareholders holding a total of 172,294,634 shares were represented
at the Meeting, representing 80.54% of the shares issued and
outstanding. The concerned shareholders, Kulwant Malhi and BullRun Capital Inc. are
pleased to announce the appointment of the new directors to the
board – Kulwant Malhi, Alfred Wong, Michael
Sadhra and Pratap Reddy. In
the other matters considered at the Meeting, PriceWaterhouseCoopers
were reappointed as auditors and the new general by-law was
approved. The equity incentive plan and the advance notice
by-law were struck down.
"We would like to thank shareholders for the tremendous support.
With the proxy battle behind us, we can look forward to rebuilding
the trust of shareholders and creating value for all shareholders.
We remain committed to issuing a dividend upon review of the
Company's assets and liabilities." said Kulwant Malhi.
The details of the voting results for the election of the
directors and other matters on which a ballot was taken are set out
below:
|
|
|
|
Resolution
|
Number of Shares
Voted
|
Percentage of
the
Shares Voted
|
|
Set the Number of
Directors at 4
|
FOR
86,028,460
|
98.61%
|
|
Director
Nominees
|
|
|
|
Kulwant
Malhi
|
FOR
88,617,510
|
98.62%
|
|
Alfred Wong
|
FOR
88,622,308
|
98.62%
|
|
Michael
Sadhra
|
FOR
88,617,510
|
98.62%
|
|
Pratap
Reddy
|
FOR
88,622,308
|
98.62%
|
|
Equity Incentive
Plan
|
AGAINST
101,158,130
|
59.45%(1)
|
|
Advance Notice
Bylaw
|
AGAINST
96,989,439
|
57.00%
|
|
(1)
|
78.05% when the votes
of insiders were excluded.
|
Following the Meeting, members of the new Board met with
management to discuss the transition to the new Board. The new
Board will be moving quickly to identify new strategic acquisitions
to deliver on increasing shareholder value.
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.
SOURCE GrowMax Resources Corp.