Electric Metals (USA) Announces Results of Annual Shareholder Meeting

Rhea-AI Summary

Electric Metals (USA) announced the results of its annual shareholder meeting held on June 26, 2024. Shareholders approved the appointment of Baker Tilly WM LLP as auditors, expanded the Board of Directors to seven members, and elected all management's nominees to the Board, including Dr. Quinton Hennigh and Tyson Hall. A new omnibus equity incentive plan was also approved. Oliver Lennox-King retired from the Board, receiving thanks for his contributions. CEO Brian Savage expressed gratitude to Oliver and welcomed the new board members, highlighting their expertise. Dr. Hennigh, an economic geologist, and Mr. Hall, an executive with extensive global experience, are expected to advance the company's goals in high-grade manganese production. Additionally, 1,600,000 incentive stock options were awarded to directors at a strike price of $0.25 per share.

Positive

• Appointment of experienced auditors, Baker Tilly WM LLP.
• Expansion of the Board of Directors to include notable experts in mining and chemicals.
• Approval of a new omnibus equity incentive plan.
• Awarding of 1,600,000 incentive stock options to directors, promoting alignment with shareholder interests.

Negative

• Retirement of Non-Executive Chairman Oliver Lennox-King, potentially creating a void in leadership.

TORONTO, ON / ACCESSWIRE / June 27, 2024 / Electric Metals (USA) Limited ("EML" or the "Company") (TSXV:EML)(OTCQB:EMUSF) is pleased to announce the results of its annual and special meeting held on June 26, 2024 (the "Meeting"). At the Meeting, shareholders approved the appointment of Baker Tilly WM LLP, Chartered Accountants, as auditor of the Corporation, the expansion of the Board of Directors to seven persons and the election of all of management's nominees to the Board. Joining Steve Durbin, Dr. Henry Sandri, Megan McElwain, John Kutkevicius and Brian Savage on the Board are Dr. Quinton Hennigh and Tyson Hall, two individuals with strong backgrounds in, among other things, the mining, mineral exploration and public company fields. The shareholders also approved a new omnibus equity incentive plan (the "Plan") for the Company; further details regarding the Plan can be found in the information circular sent to all shareholders in connection with the Meeting. The circular has been filed on

https://www.sedarplus.ca under the Company's profile.

Oliver Lennox-King, Non-Executive Chairman, is retiring from the Board of Directors. The Company would like to extend its sincere gratitude to Oliver for his support and guidance during his tenure on the Board.

Brian Savage, CEO and Director of EML, commented: "I would like to thank Oliver for his many contributions during the past 18 months as our Chairman of the Board. I also want to welcome Quinton and Tyson to the EML Board. Their expertise will no doubt be of great value in advancing the Company's efforts to become a US producer of high-grade manganese products."

Dr. Quinton Hennigh is an internationally-renowned economic geologist with over 25 years of exploration experience and expertise with major gold mining companies such as Homestake Mining Company, Newcrest Mining Limited, and Newmont Mining Corporation, where he last served as senior research geologist in 2007. He has since made a number of significant gold discoveries for Canadian exploration companies such as the 5 million oz. Springpole alkaline gold deposit near Red Lake, Ontario, for Gold Canyon Resources. He is currently Chairman and President of Novo Resources Corporation, which he helped start in 2010 and an adviser to Eskay Mining Corp. and Lion One Metals Ltd. Dr. Hennigh holds a Bachelor of Science from the University of Missouri, and M.Sc. and a Ph.D. in geology and geochemistry from the Colorado School of Mines. He is a member (P.Geo.) of the Society of Economic Geologists, the Mining and Metallurgical Society of America. He is currently CEO of private miner, San Cristobal Mining Inc.

Mr. Tyson Hall brings over 20 years of global experience and a decade of executive leadership in specialty chemicals, manufacturing, mining, agriculture, and start-ups. He has experience in technical development, manufacturing, and P&L management. He has led organizations as large as 10,000 employees with full P&L responsibility for businesses comprising more than $3 Billion per year in sales. Mr. Hall has served on the global leadership teams of two publicly traded companies. Most recently, he served as COO of 5E Advanced Materials (NASDAQ: FEAM) and previously as a member of the global leadership team of Pilgrims Pride (NASDAQ: PPC) with responsibility for a multi-billion dollar business. He is listed as an inventor or coinventor on 5 US patents, holds a BS in Chemical Engineering from the University of Arkansas, and an MBA from the Sam Walton School of Business.

The Company has awarded 1,600,000 in incentive stock options to directors. The options have a strike price of $0.25 per share and are exercisable for 10 years, subject to earlier expiry in accordance with the Plan and to the approval of the TSX Venture Exchange.

About Electric Metals (USA) Limited

Electric Metals (USA) Limited (TSXV:EML)(OTCQB:EMUSF) is a US-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. The Company's principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, including National Instrument 43-101 Technical Reports - Resource Estimates. The Company's mission in Minnesota is to become a domestic US producer of high-purity, high-value manganese metal and chemical products to supply the North American electric vehicle battery, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no current domestic supply or active mines for manganese in North America, the development of the Emily Manganese Project represents a significant opportunity for America, the State of Minnesota and for the Company's shareholders.

For further information, please contact:

Electric Metals (USA) Limited

Brian Savage
CEO & Director
(303) 656-9197

Or

Valerie Kimball
Director Investor Relations
720-933-1150
info@electricmetals.com

Neither the 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 Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions.

Forward-looking statements in this news release include, but are not limited to, statements with respect to the future growth of the Corporation. These statements address future events and conditions and so involve inherent risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

SOURCE: Electric Metals (USA) Limited

View the original press release on accesswire.com

FAQ

What were the outcomes of the Electric Metals (USA) shareholder meeting on June 26, 2024?

Shareholders approved Baker Tilly WM LLP as auditors, expanded the Board of Directors, elected new board members, and approved a new omnibus equity incentive plan.

Who are the new members of the Electric Metals (USA) Board of Directors?

Dr. Quinton Hennigh and Mr. Tyson Hall joined the Board, bringing extensive experience in mining and chemicals.

What is the significance of the new equity incentive plan approved for Electric Metals (USA)?

The new omnibus equity incentive plan aims to align the interests of the company's directors with those of the shareholders.

What is the strike price of the newly awarded stock options by Electric Metals (USA)?

The 1,600,000 incentive stock options have a strike price of $0.25 per share.

What impact does Oliver Lennox-King's retirement have on Electric Metals (USA)?

Oliver Lennox-King's retirement may create a leadership gap, although the new board members are expected to bring valuable expertise.