07:23:19 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Platinum Group Metals Ltd (3)
Symbol PTM
Shares Issued 133,066,187
Close 2017-02-24 C$ 2.40
Market Cap C$ 319,358,849
Recent Sedar Documents

Platinum Group shareholders elect seven directors

2017-02-24 19:30 ET - News Release

Mr. R. Michael Jones reports

PLATINUM GROUP METALS ANNOUNCES POSITIVE RESULTS OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

Platinum Group Metals Ltd. has released positive results from its annual general meeting held on Feb. 23, 2017, in Vancouver, B.C.

The meeting had an impressive turnout of shareholders representing over 75 per cent of the company's issued shares eligible to vote at the meeting. The shareholders strongly supported the appointment of the board and the resolutions proposed.

R. Michael Jones, president, chief executive officer and co-founder of Platinum Group Metals, said: "We are as always pleased to see the vast majority of shareholders actively and supportively engaged, following our progress, and voting their stock. We look forward to a pivotal year in 2017 with the ramp-up of production to positive cash flow at the Maseve mine and the continued advancement on the Waterberg project."

The number of directors is fixed at seven, and on a show of hands, the shareholders at the meeting elected management's seven nominees for directors. Details of the proxy voting are shown in the accompanying table.

Motions                Number of shares          Percentage of votes cast
 
                                    For            For   Withheld/abstain 

R. Michael Jones             72,733,681          99.13               0.87
Frank R. Hallam              72,547,538          98.88               1.12
Eric H. Carlson              71,414,768          97.34               2.66
Barry W. Smee                71,648,829          97.65               2.35
Iain D.C. McLean             71,611,045          97.60               2.40
Timothy D. Marlow            72,883,710          99.34               0.66
Diana J. Walters             72,849,685          99.29               0.71

The board of directors is unchanged from the previous year.

Shareholders voted 79.87 per cent in favour of a new share compensation plan. The plan was closely modelled on another approved plan for a major mining company. The company engaged with its major shareholders directly regarding the share compensation plan and the positive vote is contrary to a rating agency negative recommendation. The company elected not to pay approximately $30,000 in fees requested by the rating agency to review the plan in advance of publication. Shareholders also voted 98.56 per cent in favour of reappointing PricewaterhouseCoopers LLP as auditor, and voted to authorize the directors to fix the auditor's remuneration for the ensuing year.

At a meeting of the board of directors following the shareholder meeting, the current officers were ratified for the following year, except for Peter Busse. As previously planned and disclosed, the company confirms the retirement of Mr. Busse as chief operating officer of the company.

Mr. Busse joined Platinum Group Metals in 2007 and has served as the company's COO since that time. The board and management team thank Mr. Busse for his dedicated service and stalwart efforts to successfully and safely construct the Maseve mine.

The functions and appointments that were formerly the responsibility of the COO will be assumed by the company's senior management team in South Africa. Leon Lewis, the former safety officer at the Maseve mine, has been appointed as general manager, and the company welcomes Gawie De Wet as head of mine engineering.

A replacement COO will be appointed in due course.

For more information on these matters, please refer to Platinum Group Metals' information circular, available on SEDAR, or visit the company's website.

About Platinum Group Metals Ltd.

Formed in 2002, Platinum Group Metals holds significant mineral rights in the Bushveld igneous complex of South Africa, which is host to over 70 per cent of the world's primary platinum production. The company is currently focused on ramping up the Maseve mine, its first near-surface platinum mine, to commercial production.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.