Ascendant Resources Announces Results of Annual General Meeting of Shareholders

Rhea-AI Summary

Ascendant Resources reported the outcomes of its Annual General Shareholders' Meeting held on June 13, 2024, in Toronto. Voting results covered several governance matters.

A total of 51,497,589 common shares, representing 27.59% of all outstanding shares, were voted. The resolution to set the number of directors at six was approved with 99.46% in favor. All seven director nominees were elected, each receiving over 99% of the vote.

KPMG LLP was reappointed as the auditor, with 99.57% of votes in favor. Notably, Stephen Shefsky, co-founder and Lead Director, did not stand for re-election.

Positive

• 51,497,589 shares voted, representing 27.59% of outstanding shares.
• Resolution to set the number of directors at six approved by 99.46% of the vote.
• All seven director nominees elected, each with over 99% of votes in favor.
• KPMG LLP reappointed as auditor with 99.57% of votes in favor.

Negative

• Only 27.59% of outstanding shares were voted, indicating potential low shareholder engagement.
• Stephen Shefsky, co-founder and significant figure in the company, did not stand for re-election.

TORONTO, ON / ACCESSWIRE / June 13, 2024 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASND) ("Ascendant" or the "Company") is pleased to announce the voting resultsof the Company's 2024 Annual General Shareholders' Meeting (the "Meeting") held on June 13, 2024, in Toronto, Ontario.

A total of 51,497,589 common shares were voted at the Meeting, representing 27.59% of the votes attached to all outstanding common shares of the Company. All matterspresented for shareholder approval at the Meeting were duly authorized and approved as follows:

Number of Directors to be Elected

On a vote by a show of hands, the resolution to set the number of directors to be elected at the meeting at six (6) was approved. The following favourable votes were cast by proxy:

	Total Votes	% of Votes Cast
Votes in Favour Votes Against	51,217,885 279,704	99.46% 0.54%
Total Votes Cast	51,497,589	100%

Election of Directors

The shareholders elected each of the seven nominees listed in the Company's Management Proxy Circular. Details of the voting results are as follows:

Name	Votes in Favour	%	Votes Withheld	%
Mark Brennan	50,021,594	99.07%	471,462	0.93%
Robert Campbell	50,366,186	99.75%	126,870	0.25%
Christopher Jones	50,366,186	99.75%	126,870	0.25%
Kurt Menchen	50,366,186	99.75%	126,870	0.25%
Rui Botica Santos	50,366,186	99.75%	126,871	0.25%
Robert Sellars	50,366,186	99.75%	126,870	0.25%

Appointment of Auditors

KPMG LLP was appointed auditor of the Corporation and the directors of the Corporation were authorized to fix the auditor's remuneration. Details of the voting results are as follows:

	Total Votes	% of Votes Cast
Votes in Favour	51,278,483	99.57%
Votes Withheld	219,106	0.43%
Total Votes Cast	51,497,589	100%

The Company also wishes to announce that Stephen Shefsky did not stand for re-election to the Board of Directors of Ascendant Resources. Mr. Shefsky was a co-founder of the Company as well as the Lead Director, serving on the Audit and Corporate Governance committees. Management and the Board wish to express their sincere gratitude to Mr. Shefsky for all his contributions to the Company and wish him the best in future endeavours.

About Ascendant Resources Inc.

Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209-hectare property concession.

Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential.

Ascendant currently holds an 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp"). The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at http://www.ascendantresources.com/.

Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca.

For further information, contact:

Mark Brennan Executive Chairman

Mike McAllister Vice President, Investor Relations Tel: +1-647-805-5662 mmcallister@ascendantresources.com

SOURCE: Ascendant Resources, Inc.

View the original press release on accesswire.com

FAQ

What was the outcome of Ascendant Resources' 2024 Annual General Meeting?

All resolutions presented, including setting the number of directors at six and reappointing KPMG LLP as auditor, were approved.

How many shares were voted at Ascendant Resources' 2024 Annual General Meeting?

A total of 51,497,589 shares were voted, representing 27.59% of outstanding shares.

Who was elected as director at Ascendant Resources' 2024 Annual General Meeting?

All seven nominees, including Mark Brennan and Robert Campbell, were elected with over 99% of votes.

Did Stephen Shefsky stand for re-election at Ascendant Resources' 2024 Annual General Meeting?

No, Stephen Shefsky did not stand for re-election.

What percentage of votes were in favor of reappointing KPMG LLP as auditor at Ascendant Resources' 2024 Annual General Meeting?

99.57% of votes were in favor of reappointing KPMG LLP as auditor.