18:42:47 EDT Tue 22 Jun 2021
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Africa Energy Corp
Symbol AFE
Shares Issued 1,395,333,039
Close 2021-06-10 C$ 0.265
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Africa Energy shareholders elect six directors

2021-06-10 17:35 ET - News Release

Mr. Garrett Soden reports


Africa Energy Corp. held its annual general and special meeting of shareholders in Vancouver, B.C., today. After the meeting, William Lundin was appointed as chairman of the board, replacing Adam Lundin, who stepped down in order to comply with industry corporate governance guidelines regarding the maximum number of non-executive director appointments per individual.

Garrett Soden, the company's president and chief executive officer, commented: "On behalf of the board and senior management team, I would like to thank Adam for his invaluable leadership over the last few years. We appreciate the Lundin family's continued support for Africa Energy, and we look forward to working with Adam's brother, William, who is currently chief operating officer of International Petroleum Corp., a Canadian oil and gas company with global operations."

Shareholders voted as follows on the matters before the meeting.

Election of directors

Shareholders elected six board members to serve on the company's board of directors until the next annual meeting of shareholders, or until their successors are elected or appointed.

Nominee                  For    % for    Withheld  % withheld

William Lundin   946,176,680   99.97%     282,670       0.03%     
Garrett Soden    946,306,842   99.98%     152,508       0.02%     
Keith Hill       946,047,452   99.96%     411,898       0.04%     
Ian Gibbs        944,827,208   99.83%   1,632,142       0.17%     
Johnny Copelyn   946,332,533   99.99%     126,817       0.01%     
Siraj Ahmed      945,621,487   99.91%     837,863       0.09%     

Appointment of auditor

Shareholders reappointed PricewaterhouseCoopers LLP as auditor of the company for the upcoming year and authorized the directors of the company to fix the remuneration of the auditor.

Approval of stock option plan

The company's incentive stock option plan was approved by shareholders, with 99.95 per cent of shares represented at the meeting voting in favour.

About Africa Energy Corp.

Africa Energy is a Canadian oil and gas company with exploration assets offshore South Africa and Namibia. The company is listed in Toronto on TSX Venture Exchange (ticker AFE) and in Stockholm on Nasdaq First North Growth Market (ticker AEC). Africa Energy is part of the Lundin group of companies.

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