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Monday July 21, 2014 Report on 2014 Annual General Meeting:
Steven Schurman, CPG, Director, reports that at the July 17, 2014 Annual and Special Meeting all general and special resolutions put forth to the shareholders were approved by the shareholders.
Following the meeting, Michael Meyers was re-appointed as President and Interim CEO, and Chris Loosley was re- appointed as CFO.
Resolution Voting Results:
Polls were taken for each general and special resolution and voting was done by proxy rather than by a show of hands.
Total shares voted were 14,293,514. Saturna Group LLC were re-appointed as the Company's Auditors.
All three incumbent directors were re-elected with the following “FOR” vote as percentages of the Company's total issued and outstanding common shares:
99 % of the eligible common voting shares at the meeting voted “FOR” each of the three individual directors, with less than 1% voting “Withheld”;
99% of the eligible common voting shares at the meeting voted FOR the Advance Notice Policy Resolution, with less than 1% voting “Against”;
98 % of the eligible common voting shares at the meeting voted FOR the Incentive Stock Option Plan, with 1.27 % voting “Against”;
99 % of the eligible common voting shares at the meeting voted FOR the Share Consolidation Resolution, with less than 1% voting “Against”;
Additionally at the meeting, and following the successful voting results of the Share Consolidation Resolution, a special resolution was proposed for determination and voting by the shareholders to change the Company's name as follows:
A special resolution authorizing the Board to amend the articles of the Corporation to change the name of the Corporation to any name it deems appropriate in accordance with applicable corporate law and the policies of the TSX Venture Exchange.
The Name Change Resolution was approved on a proxy vote count with 100 %
of the total eligible common voting shares at the meeting voting FOR the Name Change Resolution, with zero voting “Against”.
The share consolidation, or share rollback, would be in a ratio of up to twelve old shares to one new share. (share roll back max 12 to 1 )
The number of post-consolidation shares issued and outstanding would be dependent on the specific ratio that the common shares will be consolidated.
The Share Consolidation will be subject to TSX-V approvals if the ratio is greater than 10 old to 1 new, in any 24 month period.
Specifics of name change will be announced in due course as applicable. Completion of a name change is subject to TSX-V approvals.
Fractional post-consolidation common shares would not be issued, fractional shares resulting from a consolidation would be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares.
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