Mr. Darin Wagner reports
BALMORAL ANNOUNCES RECOMMENDATIONS FROM ISS AND GLASS LEWIS THAT SHAREHOLDERS VOTE FOR THE PROPOSED ARRANGEMENT BETWEEN BALMORAL AND WALLBRIDGE MINING COMPANY LIMITED
The two leading independent institutional proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co., have each recommended that shareholders vote
the special resolution, as outlined in Balmoral Resources Ltd.'s management information circular (available on the Balmoral website under the company's profile at SEDAR), whereby Wallbridge Mining Co. Ltd. will acquire all of the issued and outstanding shares of Balmoral under the terms of the arrangement agreement between the parties.
ISS and Glass Lewis are independent third party proxy advisory firms which, among other services, provide voting recommendations to institutional investors.
Balmoral special meeting
The special meeting of Balmoral securityholders to consider and, if thought fit, to approve the proposed transaction, will be held on May 7, 2020, at 2 p.m. Pacific Time at the Bentall 5 conference room, ground floor, 550 Burrard St., Vancouver, B.C., and on-line at
the LumiaGM website. The date and time of the meeting are subject to any changes which may result from the current global pandemic situation (none of which are currently contemplated). In accordance with Canadian federal, provincial and municipal requirements, any registered Balmoral securityholder or proxyholder who chooses to attend in person will be subject to requirements regarding social distancing, and anyone who has COVID-19 symptoms should not attend in person.
The company thanks those securityholders who have already voted by phone or on-line and provides further notice that because of the continuing COVID-19 pandemic, and the constantly evolving restrictions on the size of public gatherings that are beyond its control, attending and voting in person at the meeting may be difficult. The company encourages securityholders to vote in advance of the meeting by proxy via the Internet, phone, fax or mail. The company will provide an option for registered Balmoral securityholders or proxyholders to participate on-line and to vote their Balmoral securities at the meeting
on-line. Further details on how to vote the Balmoral securities and the requirements with respect to attending the meeting
on-line are contained in the company's management information circular.
The deadline for submission of proxies is 2 p.m. Pacific Time on May 5, 2020.
The company sent out a letter on April 21, 2020, to securityholders who had not yet voted reminding them to vote well in advance of the proxy voting cut-off.
In connection with the minority approval vote required at the meeting under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions with respect to the proposed transaction, the company advises that it will, in addition to the tabulations outlined in the circular, also tabulate the minority approval vote in respect of only votes by common shareholders (other than Darin Wagner) and will not include the votes of option holders and of deferred share unitholders in such additional tabulation. The company will include the result of such additional tabulation in its report of voting results and submissions to the British Columbia Supreme Court in connection with the final order hearing to approve the proposed transaction.
Balmoral securityholder questions and assistance
Balmoral securityholders who have any questions or require assistance in voting their Balmoral securities may contact Laurel Hill Advisory Group, the company's proxy solicitation agent, by telephone in North America, toll-free, at 1-877-452-7184 or from outside North America at 1-877-452-7184 (North American toll-free), or 1-416-304-0211 (outside North America). Shareholders can reach Laurel Hill by e-mail at
firstname.lastname@example.org or by contacting their professional financial adviser(s).
Donation of personal protective equipment
The company advises that with the government-mandated shutdown of its exploration activities in Quebec it has donated its remaining stock of personal protective equipment (N95 masks and surgical gloves) to the men and women working the front line of health care at St. Paul's Hospital in Vancouver.
"We recognize the tremendous bravery and dedication being shown by health care workers throughout Canada in the fight against COVID-19 and are pleased to have been able to provide our remaining PPE supplies in support of their effort," said Darin Wagner, president and chief executive officer of Balmoral.
Update on winter 2020 drill program results
The company was not able to complete its designed winter 2020 drill program on the Fenelon property due to the Quebec government's mandated closure of non-essential services in the province in response to the COVID-19 pandemic. However, as a result of the dedicated efforts of its exploration team, Balmoral was able to complete the sampling of all of the holes drilled during the 2020 winter drill program and deliver the samples to its analytical service supplier for analysis.
Currently the company expects final, or near final, results from all drill holes over the next seven to 10 days and should be in a position to release the results from the winter 2020 drill program prior to the deadline for securityholder voting with respect to the proposed transaction as per its stated goal.
About Balmoral Resources Ltd.
Balmoral is a multiaward-winning Canadian-focused exploration company exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The company's flagship Detour gold trend project hosts the resource-stage Bug and Martiniere West gold deposits, the Grasset nickel-copper-cobalt-PGE (platinum group element) deposit and a series of new gold discoveries located proximal to recently discovered Area 51 gold system.
We seek Safe Harbor.
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