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Grid Metals Corp
Symbol GRDM
Shares Issued 168,272,856
Close 2023-10-02 C$ 0.12
Market Cap C$ 20,192,743
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Grid Metals shareholders approve AGM resolutions

2023-10-02 18:01 ET - News Release

Mr. Robin Dunbar reports

GRID METALS CORP - ANNOUNCEMENT OF VOTING RESULTS OF ANNUAL MEETING

Grid Metals Corp. has released the voting results at the annual and special meeting of the company, held on Sept. 29, 2023. All the matters and resolutions proposed in the meeting circular were passed by shareholders.

Election of directors

The following directors were elected at the meeting: Robin E. Dunbar, Thomas W. Meredith, Edward J. Munden, Patrick Murphy and Grant McAdam.

Special resolutions

At the meeting, the following special resolutions were also approved by the shareholders:

  1. Approval of the equity incentive plan, which was approved by a majority of disinterested shareholders;
  2. Approval of the amendments to articles of incorporation of the corporation in order to qualify for potential listing on the Australian Securities Exchange;
  3. Approval of the share issuance to Li Equities Investments LP for cancellation of an option to purchase an additional interest in the Donner Lake and Campus Creek joint ventures, which was approved by a majority of disinterested shareholders. The option granted Li Equities the right to purchase 20 per cent of the wholly owned subsidiary of the company, which holds its 75-per-cent joint venture interests. The company issued a total of 7,142,858 shares to Li Equities in order to terminate the option. Disinterested shareholders approval of the share issuance was required as Li Equities is a related party of the company by virtue of it being controlled by Waratah Capital Advisors, which held 14.2 per cent of the outstanding common shares of the company as of the record date. The board of directors of Grid determined that it was in the best interests of the company to control as much of the joint ventures as it could and eliminate any uncertainty regarding its ongoing interest in the joint ventures. Details of the transaction were fully described in the company's news release dated July 5, 2023, and in the management information circular for the meeting.

About Grid Metals Corp.

Grid Metals is focused on both lithium and Ni-Cu-PGM (nickel, copper and platinum group metal) in the Bird River area approximately 150 kilometres northeast of Winnipeg, Man. The Donner Lake lithium property in Manitoba is a 75-per-cent-owned property subject to a joint venture agreement. In addition to activity at Donner Lake, the company has the Falcon West lithium property, located southeast of Winnipeg, and a PEA-stage (preliminary economic assessment) Ni-Cu-PGM-Co (nickel, copper, platinum group metal and cobalt) project (Makwa-Mayville) undergoing exploration and development activity.

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