Azarga Uranium Annual General and Special Meeting 2021 Voting Results

Rhea-AI Summary

Azarga Uranium Corp. (TSX:AZZ) reported the successful outcomes of all resolutions from its Annual General and Special Meeting held on June 25, 2021. Key points include the election of directors with varying support percentages, the appointment of BDO Canada LLP as auditors, approval of unallocated stock options, and an increase in shares reserved for the employee share purchase plan by 3 million. Additionally, the company plans to issue 1,405,000 shares as part of a bonus payment, primarily to insiders. The firm continues its focus on regulatory approvals for the Dewey Burdock in-situ recovery uranium project.

Positive

• All resolutions approved at the Annual General and Special Meeting.
• Directors elected with strong support; Glenn Catchpole received 85.92% approval.
• Appointment of BDO Canada LLP as auditors for fiscal 2021.
• Increase in share reserve for employee purchase plan by 3 million shares.
• Issuance of 1,405,000 shares as bonus payment approved.

Negative

• Shareholder dilution risk due to issuance of new shares for bonuses.

VANCOUVER, BC / ACCESSWIRE / June 25, 2021 / AZARGA URANIUM CORP. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium" or the "Company") is pleased to announce that all resolutions put forward at the Annual General and Special Meeting (the "Meeting") of the Company's shareholders (the "Shareholders") held 25 June 2021, as further described in the Company's information circular dated 12 May 2021, were approved, including the following:

• Election of Directors: the nominees listed in the management proxy circular dated 12 May 2021 for the Meeting of the Company held on 25 June 2021: Glenn Catchpole, Matthew O'Kane, Sandra MacKay, Joseph Havlin, Todd Hilditch and Delos Cy Jamison were all elected as Directors until the next annual general meeting of the Shareholders. Detailed results of the vote for the election of Directors held at the Meeting are set out below:

	For	% For	Withheld/Abstain	%	Broker Non-Votes
Glenn Catchpole	79,571,460	85.92	13,036,534	14.08	9,101,875
Matthew O'Kane	85,375,211	92.19	7,232,783	7.81	9,101,875
Sandra MacKay	86,170,362	93.05	6,437,632	6.95	9,101,875
Joseph Havlin	83,783,211	90.47	8,824,783	9.53	9,101,875
Todd Hilditch	79,375,626	85.71	13,232,368	14.29	9,101,875
Delos Cy Jamison	83,772,491	90.46	8,835,503	9.54	9,101,875

• Appointment of BDO Canada LLP as auditors of the Company for the fiscal period ending December 31, 2021 and the Directors' right to fix the remuneration to be paid to BDO Canada LLP.
• Approving unallocated stock options under the Company's Stock Option Plan.
• Approving the increase in the number of Azarga Uranium common shares (the "Shares") reserved for issuance pursuant to the employee share purchase plan by 3,000,000.
• Issuance of 1,405,000 Shares as a bonus payment of which 1,230,000 Shares are to three insiders of the Company (approved by the majority of disinterested shareholders).

For further information, please see the Company's Report of Voting Results, which will be filed on SEDAR at www.sedar.com.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America ("USA") (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the "Dewey Burdock Project"), which is the Company's initial development priority, has been issued its Nuclear Regulatory Commission License and final Class III and Class V Underground Injection Control permits from the Environmental Protection Agency and the Company is in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

For further information, please contact:

Blake Steele, President and CEO
+1 303 790-7528
E-mail: info@azargauranium.com

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the Company being in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Azarga Uranium will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the Company does not complete regulatory permit approvals necessary for the construction of the Dewey Burdock Project, the risk that such statements may prove to be inaccurate and other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Azarga Uranium assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the most recent AIF filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Azarga Uranium Corp.

View source version on accesswire.com:
https://www.accesswire.com/653168/Azarga-Uranium-Annual-General-and-Special-Meeting-2021-Voting-Results

FAQ

What were the results of Azarga Uranium's Annual General Meeting on June 25, 2021?

All resolutions, including the election of directors and the appointment of auditors, were approved.

Who were the directors elected at Azarga Uranium's AGM?

Directors elected include Glenn Catchpole, Matthew O'Kane, Sandra MacKay, Joseph Havlin, Todd Hilditch, and Delos Cy Jamison.

What is the significance of the approval of new stock options at Azarga Uranium?

The approval enhances employee incentives and aligns their interests with shareholders.

How does the issuance of shares as bonus payments affect AZZUF stock?

It may lead to shareholder dilution, impacting current share value.

What is Azarga Uranium's focus after the AGM?

The company is focusing on obtaining regulatory approvals for the Dewey Burdock in-situ recovery uranium project.