Amarillo announces election of directors

Rhea-AI Summary

Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) announced the results of its 2020 annual meeting, where all seven nominated directors were elected. The meeting, held virtually, also saw the approval of all major resolutions, including the number of directors set at seven and the re-appointment of MNP LLP as auditor. Additionally, the company granted 7,930,000 stock options to various stakeholders, with an exercise price of $0.33 per share, expiring in October 2025. The Posse Gold Project has received essential permits, and work is ongoing for further approvals.

Positive

• All seven director nominees elected, enhancing governance stability.
• Approval of significant resolutions, boosting operational confidence.
• Granting of stock options could motivate directors and employees.
• Posse Gold Project advancing well with main mining permit obtained.

Negative

• None.

TORONTO, Oct. 02, 2020 (GLOBE NEWSWIRE) -- All seven director nominees listed in the information circular for the 2020 annual and special meeting of shareholders have been elected, said Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) today. David Birkett, David Laing, Lawrence Lepard, Michael Mutchler, Rostislav Raykov, Antenor Silva, and Rowland Uloth will all serve for the coming year.

The Company’s annual meeting was held virtually yesterday. All resolutions were approved, including:

• setting the number of directors at seven
• re-appointing MNP LLP, Chartered Accountants as auditor
• ratifying the stock option and restricted share unit plans
• the share issuance and new control person.

A total of 243,132,441 common shares representing 63.64% of the outstanding common shares were represented in person or by proxy at the meeting. Further details on the matters considered at the meeting can be found in Amarillo’s 2020 information circular, which is available at the Company website or under its profile on SEDAR.

In addition, the Company announces that it has granted an aggregate of 7,930,000 options to purchase common shares of the Company exercisable at a price of $0.33 per common share and expiring on October 1, 2025, to certain directors, officers, consultants, and employees of the Company.

About Amarillo
Amarillo Gold Corporation is advancing two gold projects in Brazil. Both are in mining-friendly states and have excellent nearby infrastructure. The development stage Posse Gold Project on its Mara Rosa Property in Goiás State has received the main permit that provides social and environmental permission for mining. Work is underway on receiving the installation permit. The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 22 prospects centered on historic gold workings. Amarillo Gold Corporation trades on the TSXV under the symbol AGC, and on the OTCQB under the symbol AGCBF.

For further information, please contact
Mike Mutchler	Annemarie Brissenden
President & CEO	Investor Relations
416-294-0736	416-844-6284
mike.mutchler@amarillogold.com	annemarie.brissenden@amarillogold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

PDF available: http://ml.globenewswire.com/Resource/Download/3492b318-b94f-4458-ae2a-8df579ba14ef

 

FAQ

What were the outcomes of Amarillo Gold Corporation's 2020 annual meeting?

All seven director nominees were elected, and all resolutions, including auditor re-appointment and stock option plans, were approved.

How many stock options were granted by Amarillo Gold Corporation?

Amarillo Gold Corporation granted 7,930,000 options to purchase common shares, exercisable at $0.33 each.

What is the status of the Posse Gold Project?

The Posse Gold Project has received the main permit for mining, and work is underway to obtain the installation permit.

What percentage of shares were represented at the Amarillo Gold Corporation meeting?

A total of 63.64% of the outstanding common shares were represented at the meeting.

What is the stock symbol for Amarillo Gold Corporation?

The stock symbol for Amarillo Gold Corporation is AGCBF on the OTCQB.