Hemisphere Energy Announces Results from Annual General and Special Meeting of Shareholders

Rhea-AI Summary

Hemisphere Energy (TSXV: HME, OTCQX: HMENF) announced the results from its Annual General and Special Meeting of Shareholders held on May 30, 2024. A total of 46,475,140 common shares were voted, representing 47.45% of total issued shares as of April 11, 2024. Shareholders approved all proposed items, which included fixing the number of directors at six, electing Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman as directors, appointing KPMG LLP as auditors, and renewing the Company's Stock Option Plan.

Positive

• 47.45% of total issued shares were voted, indicating strong shareholder engagement.
• Shareholders approved all items proposed by the Board of Directors, signaling trust and confidence in management.
• KPMG LLP was appointed as auditors, ensuring continued professional and reliable financial auditing.
• The Company's Stock Option Plan was renewed, potentially incentivizing employees and aligning their interests with shareholders.

Negative

• No new directors were introduced, indicating a lack of fresh perspectives in the Board.
• The press release did not mention any strategic business initiatives or financial performance updates, leaving investors without new insights into the company's growth plans.

Vancouver, British Columbia--(Newsfile Corp. - May 30, 2024) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") announces the results of its Annual General and Special Meeting of Shareholders that was held today.

Annual General and Special Meeting of Shareholders ("AGSM")

A total of 46,475,140 common shares were voted, representing 47.45% of total shares issued and outstanding as at the April 11, 2024 record date of the AGSM.

Shareholders voted in favour of all items put forward by the Company's Board of Directors and management, including:

1. Fixed the number of directors of the Company at six (6);
2. Elected the following directors of the Company for the ensuing year: Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman;
3. Appointed KPMG LLP as auditors of the Company for the ensuing year at a remuneration to be fixed by the Board of Directors; and
4. Passed an ordinary resolution approving the renewal of the Company's Stock Option Plan.

About Hemisphere Energy Corporation

Hemisphere is a dividend-paying Canadian oil company focused on maximizing value per share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood enhanced recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol "HME" and on the OTCQX Venture Marketplace under the symbol "HMENF".

For further information, please visit the Company's website at www.hemisphereenergy.ca to view its corporate presentation or contact:

Don Simmons, President & Chief Executive Officer
Telephone: (604) 685-9255
Email: info@hemisphereenergy.ca

Website: www.hemisphereenergy.ca

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 news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211158

FAQ

What were the results of Hemisphere Energy's 2024 Annual General and Special Meeting?

All proposed items were approved, including fixing the number of directors at six, electing directors, appointing KPMG LLP as auditors, and renewing the Stock Option Plan.

Who were elected as directors of Hemisphere Energy in 2024?

Charles O'Sullivan, Don Simmons, Frank Borowicz, Bruce McIntyre, Gregg Vernon, and Richard Wyman were elected as directors.

What percentage of Hemisphere Energy's shares were voted at the 2024 Annual General and Special Meeting?

47.45% of total issued shares were voted.

Which auditing firm was appointed by Hemisphere Energy for 2024?

KPMG LLP was appointed as the auditing firm.

Did Hemisphere Energy shareholders approve the renewal of the Stock Option Plan in 2024?

Yes, shareholders approved the renewal of the Stock Option Plan.