Quebec Precious Metals Announces Results of Annual Shareholders Meeting

Rhea-AI Summary

Quebec Precious Metals Corporation (OTCQB:CJCFF) held its Annual shareholders meeting on October 11, 2022, where shareholders approved all proposed resolutions. These included the election of Normand Champigny, Wanda Cutler, Julie Robertson, and James Shannon as directors, and the appointment of KPMG LLP as auditors. Following the meeting, James Shannon was appointed as Chair of the Board, succeeding John W.W. Hick. Additionally, the Corporation issued 67,857 deferred stock units to the CEO as part of a salary adjustment that includes a mix of cash and deferred compensation.

Positive

• Shareholders approved all resolutions at the Annual meeting.
• James Shannon appointed as Chair of the Board, indicating a stable leadership transition.
• Issuance of deferred stock units aligns CEO compensation with company performance.

Negative

• None.

MONTREAL, QC / ACCESSWIRE / October 12, 2022 / Quebec Precious Metals Corporation (TSXV:QPM)(FSE:YXEP)(OTCQB:CJCFF) ("QPM" or the "Corporation") announces that at its Annual shareholders meeting (the "Meeting") held on October 11, 2022, shareholders of the Company approved all the resolutions, as follows:

• Election of Normand Champigny, Wanda Cutler, Julie Robertson and James Shannon as directors; and
• Appointment of KPMG LLP as auditors.

Following the Meeting, QPM's Board of directors appointed James Shannon, as Chair of the Board. On behalf of the Board, Mr. Shannon commented: "We want to thank John W.W. Hick who acted as Chair of Board. He made a huge contribution since the creation of the Corporation in 2018. His efforts are an important part of the suite of opportunities that we have before us now."

Shares for debt

The following correction is made in connection with the Corporation's press release issued on September 8, 2022 QPM stating that QPM has entered into agreements to issue an aggregate of 208,930 common shares. The debt settlement is paid in connection with services rendered by the current directors or former directors during the second quarter this current financial year.

Deferred shares units

The Company announces the issuance of 67,857 deferred stock units (the "DSUs") to the Chief Executive Officer pursuant to its Deferred Share Unit Plan (the "DSU Plan"). This follows the decision that from May 1, 2022, the CEO's salary compensation will be paid 80% in cash and the other 20% of compensation will be paid in Differed DSUs quarterly. In accordance with the DSU Plan, the DSUs vest immediately upon issuance and are payable in common shares of the Company, or in cash at the sole discretion of the Company, upon the holder ceasing to be an employee of the Company.

About Quebec Precious Metals Corporation

QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation's Éléonore gold mine. QPM's flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM's goal is to rapidly explore the Sakami project and advance to the mineral resource estimate stage.

For more information please contact:

Normand Champigny
Chief Executive Officer
Tel.: 514 979-4746
nchampigny@qpmcorp.ca

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

SOURCE: Quebec Precious Metals Corporation

View source version on accesswire.com:
https://www.accesswire.com/720239/Quebec-Precious-Metals-Announces-Results-of-Annual-Shareholders-Meeting

FAQ

What were the results of Quebec Precious Metals Corporation's Annual shareholders meeting on October 11, 2022?

At the Annual shareholders meeting on October 11, 2022, Quebec Precious Metals Corporation (OTCQB:CJCFF) shareholders approved all resolutions, including the election of four new directors and the appointment of KPMG LLP as auditors.

Who is the new Chair of Quebec Precious Metals Corporation's Board?

James Shannon was appointed as the new Chair of the Board of Quebec Precious Metals Corporation following the Annual meeting.

What changes were made to the CEO's compensation at Quebec Precious Metals Corporation?

The CEO's salary compensation will now be paid 80% in cash and 20% in deferred stock units, with the issuance of 67,857 DSUs announced.

How many common shares was Quebec Precious Metals Corporation scheduled to issue for debt settlement?

Quebec Precious Metals Corporation was scheduled to issue an aggregate of 208,930 common shares for debt settlement related to services rendered by directors.