SHLE:CC - Source Energy Services Reports 2023 AGM Voting Results

(TheNewswire)

Calgary, A B – TheNewswire - May 5, 2023 - SourceEnergy Services Ltd. (“ Source ” or the “ Company ”) ( TSX:SHLE ) reports results from its annual meeting of shareholders heldMay 5, 2023 (the “ Meeting ”).

2023 AGM VOTING RESULTS

Election of Directors

All of the proposed nominees were elected to Source’sboard of directors (the “ Board ”) by Shareholders present orrepresented by proxy at the Meeting. The voting results are asfollows:

The voting results for Steven Sharpe are a result of the proxyadvisory firm Glass Lewis’s recommendation that shareholderswithhold from voting for Mr. Sharpe solely because of his position asChair of the Compensation and Corporate Governance Committee. GlassLewis has indicated that it generally recommends against the chair ofthe nominating committee if the board has less than 30% gender diversedirectors. Source has 20% gender diverse directors.  In contrast, theproxy advisory firm Institutional Shareholder Services Inc. recommended shareholders vote in favour of Mr. Sharpe’s election.Source has learned that the significant shareholder which in factwithheld its votes from Mr. Sharpe did so in error, attempted torectify its error prior to the vote, but was unable to. The board ofSource remains of the view that Mr. Sharpe has made a valuablecontribution and brings extensive and valuable experience toSource’s Board.

Shareholder Approval of OtherMatters

Shareholders also voted at the Meeting to approve eachof the other resolutions described in Source’s Notice of AnnualMeeting of Shareholders and Management Information Circular, datedMarch 8, 2023 (the “ Information Circular ”), as follows: (i) the ordinaryresolution to fix the number of directors to be elected at the meetingat five (5) was approved by 100% of the votes cast by Shareholders;and (ii) the ordinary resolution approving the appointment of Ernst& Young LLP as the auditor of the Company was approved by 100% ofthe votes cast by Shareholders.

ABOUT SOURCE ENERGY SERVICES

Source is a company that focuses on the integratedproduction and distribution of high quality frac sand, as well as thedistribution of other bulk completion materials not produced bySource. Source provides its customers with an end-to-end solution forfrac sand supported by its Wisconsin and Peace River mines and processing facilities, its Western Canadianterminal network, its “last mile” logistics capabilities andSahara, a proprietary wellsite mobile sand storage and handlingsystem.

Source’s full-service approach allows customers torely on its logistics platform to increase reliability of supply andto ensure the timely delivery of frac sand and other bulk completionmaterials at the wellsite.

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