Datametrex Announces AGM Results, NCIB Updates, and Option Cancellation

Rhea-AI Summary

Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) announced the voting results from the Annual and Special Meeting of Shareholders, with 11.7% of outstanding shares represented. All resolutions, including electing three directors, approving a new incentive plan, and a name change, were approved. The Company also successfully completed a normal course issuer bid, repurchasing and canceling 34,198,000 shares at an average cost of $0.10 per share, totaling $3,538,930. Additionally, the Company canceled its plan to grant stock options for the purchase of up to 24.5 million common shares.

Positive

• Successful completion of the normal course issuer bid, repurchasing and canceling a significant number of shares at an average cost of $0.10 per share, demonstrating a commitment to returning value to shareholders.
• Approval of all resolutions, including the election of three directors and the approval of a new incentive plan, indicating shareholder confidence in the Company's leadership and future prospects.

Negative

• Cancellation of the plan to grant stock options for the purchase of up to 24.5 million common shares may impact the Company's ability to incentivize and retain key personnel, potentially affecting long-term growth and performance.

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex'') is pleased to announce the voting results from the Annual and Special Meeting of Shareholders (the "Meeting") held on December 14, 2023.

At the Meeting, a total of 47,237,387 shares or 11.7% of the issued and outstanding shares of the Company were represented in person and by proxy. Details of all resolutions that were voted upon are set out in the Management Information Circular (the "Circular") dated October 26, 2023. The Circular is available on SEDAR+ (www.sedarplus.ca).

All the resolutions submitted to shareholders were approved, including: electing three directors of the Company: Charles Park, the Honourable James Peterson and Paul Haber; approving the Company's new omnibus incentive plan; and approving a name change for the Company.

Normal Course Issuer Bid

The Company is also pleased to announce results of the Company's successful normal course issuer bid ("NCIB") which commenced June 8, 2022, and which was subsequently amended to increase the maximum number of shares for repurchase to 34,789,603 shares. The NCIB terminated June 7, 2023 with the repurchase and cancellation by the Company of an aggregate of 34,198,000 shares at an average cost of $0.10 per share for a total of $3,538,930 invested. The Company paid PI Financial Corp. a total of $35,142.86 in fees to conduct the NCIB on behalf of the Company. A copy of the Company's notice with respect to the NCIB filed with TSXV may be obtained by any shareholder without charge by contacting Charles Park, CEO, at cpark@datametrex.com.

Cancellation of Options

The Company also announces the cancellation of its plan to grant stock options (see press release dated November 13, 2023) pursuant to the Company's previous stock option plan.

While the grant was approved and announced on November 13, 2023, the Company has decided to cancel its plan to issue incentive stock options for the purchase of up to 24.5 million common shares. This decision is part of the Company's ongoing review and refinement of its compensation strategy.

About Datametrex
Datametrex is an innovative leader in artificial intelligence, machine learning, and healthcare. The Company excels in delivering tools and solutions that enhance operational efficiencies and business outcomes. With a commitment to innovation, Datametrex is dedicated to supporting enterprises by setting a new standard for business protocols through cutting-edge technology. For more on Datametrex's insights into AI, cybersecurity, telehealth, and healthcare, please visit the company website.

Investor Relations & Communications
Charles Park, CFA
Chief Executive Officer & Director
(416) 901-5611 x203

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.

Forward-Looking Statements
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191112

FAQ

What are the voting results from the Annual and Special Meeting of Shareholders of Datametrex AI Limited (TSXV: DM)?

The voting results indicated that 11.7% of the outstanding shares of the Company were represented, with all resolutions, including the election of three directors, approval of a new incentive plan, and a name change, being approved.

What is the total number of shares repurchased and canceled by Datametrex AI Limited (TSXV: DM) through the normal course issuer bid?

The Company repurchased and canceled 34,198,000 shares at an average cost of $0.10 per share, totaling $3,538,930.

Why did Datametrex AI Limited (TSXV: DM) cancel its plan to grant stock options for the purchase of up to 24.5 million common shares?

The Company decided to cancel the plan as part of its ongoing review and refinement of its compensation strategy.

What is the impact of the cancellation of the stock options grant on Datametrex AI Limited (TSXV: DM)?

The cancellation may impact the Company's ability to incentivize and retain key personnel, potentially affecting long-term growth and performance.