ROX:CC - Canstar Announces Annual General Meeting Results
(TheNewswire)
Toronto, Ontario – TheNewswire – December 6,2022 – CANSTAR RESOURCES INC. (TSXV:ROX ) & ( OTC:CSRNF) (“Canstar” or the“Company”) reports the results from all matters submitted toshareholders at the Company’s annual general meeting of shareholdersheld on December 5, 2022 (the “ Meeting ”). All of the management nominees for election ofdirector were elected and MNP LLP was re-appointed as the Company’sauditor.
The resolution pertaining to the approval of the rolling stock optionplan of the Company was not approved by a majority of shareholdersrepresented at the Meeting. The board of directors of the Companyexpects to approve a resolution modifying the prior rolling stockoption plan of the Company to a 10% fixed stock option plan (the“ Fixed Plan ”), which ispermitted by the policies of the TSX Venture Exchange (the “ TSXV ”) and does not requireshareholder approval under TSXV policies. The number of common sharesof the Company (“ CommonShares ”) reserved for issuance under the Fixed Plan isexpected to be 11,025,366 Common Shares which is 10% of the number ofCommon Shares outstanding on the Meeting date. Any grant of stockoptions under the Fixed Plan is subject to the terms and conditionsprescribed by the TSXV, and applicable securities laws.
The terms of the Fixed Plan will be substantially similar to the stockoption plan that was appended to information circular dated October19, 2022 pertaining to the Meeting, however the number of sharesissuable under the Fixed Plan will be fixed at 11,025,366 CommonShares and the Fixed Plan will not include a net exercise provision.The purpose of the Fixed Plan will be to continue the outstandingstock options that were granted under the previous stock option planand to advance the interests of the Company to provide eligiblepersons under the Fixed Plan with incentives and to encourage stockownership of such persons. The Fixed Plan will be the onlysecurity-based compensation plan that the Company maintains at thetime of adoption of the Fixed Plan. Any stock options outstandingunder the previous stock option plan will be governed by the FixedPlan. The Fixed Plan is subject to the approval of the TSXV.
Canstar Resources has a very experienced technical team and board whoare focused on new mineral discoveries in Newfoundland, Canada.Central Newfoundland has emerged as one of the most exciting goldexploration districts due to recent high-grade orogenic golddiscoveries along crustal scale fault corridors. The Company isfocused on gold exploration on 939 km 2 of mineral claim licenses insouth-central Newfoundland, including the Golden Baie project whichhas multiple high- grade gold anomalies at surface along 40 km ofstrike and near-surface drilling confirming the presence of high-gradeorogenic gold. The Company also holds the Buchans-Mary March projectin central Newfoundland.
Canstar Resources is based in Toronto, Canada, and is listed on theTSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF .
For further information, please contact:
Rob Bruggeman, President & CEO Email: rob@canstarresources.com Phone: 1-647-247-8715
Website: www.canstarresources.com
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 Companyprovides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involvedwith forward-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 approval of the Fixed Plan, the number of CommonShares issuable under the Fixed Plan, the Company’s objectives,goals or future 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 information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineralresources to reserves, the inability to complete a feasibility studywhich recommends a production decision, the preliminary nature ofmetallurgical test results, delays in obtaining or failures to obtainrequired governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity 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 the disclosed time frames or at all. The Companydisclaims any intention or obligation to update or revise anyforward-looking information, whether as a result of new information,future events or otherwise, other than as required by law.
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