NextSource Materials Announces Results of 2018 Annual and Special Meeting of Shareholders and the Appointment of Officers
TORONTO- NEWS RELEASE – December 5, 2018
NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or “the Company”), is pleased to announce the results of the Annual and Special Meeting of Shareholders (the “Meeting”) held in Toronto, Ontario, Canada on December 4, 2018.
As of the October 18, 2018, the record date for the Meeting, there were 491,330,595 common shares of the Company outstanding and entitled to vote at the Meeting. Of this amount, there were 241,327,497 common shares represented in person or by proxy at the Meeting.
All of the resolutions put forward at the Meeting were approved. The final voting results of the Meeting are set out below:
- Election of Directors. The Company’s shareholders elected the following 6 nominees to the Board. Each of the nominees will serve for a one-year term and hold office until the next annual meeting of shareholders, unless he sooner ceases to hold office. The following table sets forth the vote of the shareholders at the Annual Meeting with respect to the election of directors:
Nominee For Withheld Abstain Broker
Craig Scherba 99.6% 0.9% – 16.9% Quentin Yarie 91.8% 8.2% – 16.9% Robin Borley 98.9% 1.1% – 16.9% Dalton Larson 98.8% 1.2% – 16.9% Dean Comand 98.9% 1.1% – 16.9% John Sanderson 98.7% 1.3% – 16.9%
- Appointment of MNP LLP. The Company’s shareholders approved the appointment of MNP LLP be appointed as auditors of the Company to hold office until the close of the next annual meeting of shareholders of the Company at such remuneration as may be fixed by the directors of the Company and the directors be and they are hereby authorized to fix such remuneration. The following table sets forth the vote of the shareholders at the Annual Meeting with respect to the appointment of MNP LLP:
For Withheld Abstain 99.7% 1.3% –
- Approval of the Share Consolidation. The Company’s shareholders approved an amendment to the Company’s articles of incorporation or articles of continuance, as applicable, to be completed at the Board’s sole discretion, to effect a share consolidation (reverse stock split) of the Company’s outstanding common shares in a ratio of between one-for-five and one-for-ten, at any time prior to the one year anniversary of the Meeting, without further stockholder approval. The following table sets forth the vote of the shareholders at the Annual Meeting with respect to the approval of the share consolidation and corresponding amendment to our articles:
For Against Abstain 92.0% 8.0 % –
- Approval of New Stock Option Plan. The Company’s shareholders approved a new 10% rolling stock option plan of the Company and the ability of the Company to continue to grant options under the New Stock Option Plan until December 4, 2021. The following table sets forth the vote of the shareholders at the Annual Meeting with respect to the new stock option plan:
For Against Abstain 83.1% 16.9% –
Subsequent to the Meeting, the Board of Directors of the Company approved the appointments of the following directors and executive officers:
- John Sanderson as Chairman of the Board
- Craig Scherba as President and Chief Executive Officer
- Marc Johnson as Treasurer and Chief Financial Officer
- Brent Nykoliation as Senior Vice President, Corporate Development
- Robin Borley as Senior Vice President, Mine Development
- Dean Comand (Chair), Dalton Larson and John Sanderson to the Audit Committee
- Quentin Yarie (Chair), Dalton Larson and John Sanderson to the Nomination Committee
- Dalton Larson (Chair), Dean Comand and John Sanderson to the Compensation Committee.
ABOUT NEXTSOURCE MATERIALS INC.
NextSource Materials Inc. is a mine development company based in Toronto, Canada, that is developing its 100%-owned Molo Graphite Project in southern Madagascar. The Molo Graphite Project is a feasibility-stage project and ranks as one of the largest-known and highest quality flake graphite deposits in the world and the only project with SuperFlake® graphite. In addition, NextSource has 100% ownership of its NI 43-101 compliant Green Giant Vanadium Project, located just 12 kilometres from the Molo Graphite Project. The Green Giant Project is a rarely occurring sedimentary-hosted deposit that also ranks as one of the largest-known and highest in-situ grade vanadium resources in the world.
For further information contact: +1.416.364.4911