CSRNF - Canstar Adopts Advance Notice By-law
(TheNewswire)
Toronto, Ontario - TheNewswire – October 22, 2021 – CANSTAR RESOURCESINC. (TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) announces that its board of directors approvedthe adoption of an advance notice by-law (the “ Advance Notice By-law ”), establishing a framework for advance notice ofnominations of directors by shareholders of the Company(“ Shareholders ”). Among other things, the Advance Notice By-law fixescertain deadlines by which Shareholders must submit a notice ofdirector nominations to the Company prior to any annual or specialmeeting of shareholders where directors are to be elected and setsforth the information that must be included in the notice.
The Advance Notice By-law provides a clear process forShareholders to follow for director nominations and sets out areasonable time frame for the submissions of nominees and theaccompanying information. The Advance Notice By-law will help toensure that all Shareholders receive adequate notice of thenominations to be considered at a Shareholder meeting at whichdirectors are to be elected and can thereby exercise their votingrights in an informed manner. The Advance Notice By-law is similar tothe advance notice by-laws adopted by many other Canadian publiccompanies.
More specifically, the Advance Notice By-law requiresadvance notice to the Company in circumstances where nominations ofpersons for election as a director of the Company are made byShareholders other than pursuant to a request for a meeting or througha Shareholder proposal, in each case in accordance with the BusinessCorporations Act (Ontario) (the “ OBCA ”)
In the case of an annual meeting of Shareholders,notice to the Company must be given not less than 30 or more than 65days prior to the date of the annual meeting. In the event that theannual meeting is to be held on a date that is less than 50 days afterthe date on which the first public announcement of the date of theannual meeting was made, notice may be given not later than the closeof business on the 10th day following such public announcement.
In the case of a special meeting of Shareholders (whichis not also an annual meeting), notice to the Company must be givennot later than the close of business on the 15th day following the dayon which the first public announcement of the date of the specialmeeting was made.
The Advance Notice By-law is effective immediately andwill be placed before Shareholders for approval, confirmation andratification at the next annual and special meeting of Shareholders ofthe Company to be held on November 29, 2021 (the “ Meeting ”). Pursuantto the provisions of the OBCA, the Advance Notice By-law will cease tobe effective unless approved, ratified and confirmed by a resolutionadopted by a majority of the votes cast by Shareholders at theMeeting.
About Canstar Resources Inc.
Canstar is focused on the discovery and development ofeconomic mineral deposits in Newfoundland and Labrador, Canada.Canstar has an option to acquire a 100% interest in the Golden BaieProject, a large claim package (62,175 hectares) with recentlydiscovered, multiple outcropping gold occurrences on a majorstructural trend in south Newfoundland. The Company also holds theBuchans-Mary March project and other mineral exploration properties inNewfoundland. Canstar Resources is based in Toronto, Canada, and islisted on the TSX Venture Exchange under the symbol ROX and trades onthe OTCPK under the symbol CSRNF.
For further information, pleasecontact:
Rob Bruggeman P.Eng., CFA
President & CEO
Email: rob@canstarresources.com
Phone: 1-647-247-8715
Forward-Looking Statements
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts. Forward looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations. Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the obtaining of Shareholder approval at the Meeting inrespect of the Advance Notice By-law, the expected timing of theMeeting, the Company’s expectation that the Advance Notice By-lawwill provide the Company’s shareholders, directors and managementwith a transparent, fair and structured framework under whichShareholders may submit director nominations, the Company’s objectives, goals orfuture plans, statements, exploration results, potentialmineralization, the estimation of mineral resources, exploration andmine development plans, timing of the commencement of operations andestimates of market conditions. Factors that could cause actualresults to differ materially from such forward-looking informationinclude, but are not limited to failure to identify mineral resources,failure to convert estimated mineral resources to reserves, theinability to complete a feasibility study which recommends aproduction decision, the preliminary nature of metallurgical testresults, delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals, politicalrisks, inability to fulfill the duty to accommodate First Nations andother indigenous peoples, uncertainties relating to the availabilityand costs of financing needed in the future, changes in equitymarkets, inflation, changes in exchange rates, fluctuations incommodity prices, delays in the development of projects, capital andoperating costs varying significantly from estimates and the otherrisks involved in the mineral exploration and development industry, aninability to predict and counteract the effects of COVID-19 on thebusiness of the Company, including but not limited to the effects ofCOVID-19 on the price of commodities, capital market conditions,restriction on labour and international travel and supply chains, andthose risks set out in the Company’s public documents filed onSEDAR. Although the Company believes that the assumptions and factorsused in preparing the forward-looking information in this news releaseare reasonable, undue reliance should not be placed on suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed time frames or at all. The Company disclaims any intentionor obligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,other than as required by law.
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