Kelt Provides Results of Its Shareholders' Meeting and Announces Changes to Its Board of Directors

Rhea-AI Summary

Kelt Exploration (TSX: KEL) held its Annual and Special Meeting of Shareholders on April 23, 2025, with 67.5% of common shares represented. The company announced significant board changes, including the retirement of Michael R. Shea after seven years of service and the election of Ray Kwan as a new director.

Kwan, who brings over 20 years of capital markets and energy industry experience, will serve as chair of the audit committee and member of the reserves committee. The shareholders approved fixing the board size at six directors and elected all nominated directors with strong majority votes exceeding 97%.

Additionally, shareholders approved amendments to the restricted share unit plan and a new performance share unit plan, both receiving over 98% support. PricewaterhouseCoopers LLP was appointed as auditor with 99.2% approval.

Positive

• Strong shareholder support with all resolutions passing by over 97% approval
• Addition of Ray Kwan brings 20+ years of capital markets and energy industry expertise to the board
• High meeting participation rate with 67.5% of shares represented

Negative

• Loss of 7 years of board experience with Michael R. Shea's retirement

Calgary, Alberta--(Newsfile Corp. - April 24, 2025) - Kelt Exploration Ltd. (TSX: KEL) ("Kelt" or the "Company") is pleased to announce that all matters presented for approval at the Annual and Special Meeting of Shareholders held on April 23, 2025 (the "Meeting") have been fully authorized and approved. A total of 133,350,639 common shares, representing 67.5% of the common shares issued and outstanding, were represented in person or by proxy at the meeting. A brief description of the matters voted upon, and the outcome of the votes is set forth below.

Michael R. Shea retired as a director effective April 23, 2025, immediately prior to the Meeting. Mr. Shea has been a director of Kelt since April 18, 2018. Kelt would like to thank Mr. Shea for his leadership and service over the past seven years and wish him well in his future endeavors.

The Company is also pleased to announce that at the Meeting, Ray Kwan was nominated and elected to the board of directors of the Company. Mr. Kwan is an independent businessman and serves as a Managing Partner of AXO Capital Corp. Mr. Kwan has over 20 years of experience in capital markets and the energy industry. Mr. Kwan will serve as chair of the audit committee and a member of the reserves committee of the board of directors of the Company.

Fixing Number of Directors

The ordinary resolution to approve fixing the number of directors to be elected at the meeting at six (6) was approved at the meeting by way of a ballot, as follows:

Votes For	%	Votes Against	%
133,249,817	99.924%	100,822	0.076%

 

Election of Directors

All of the nominees proposed as directors of the Company were duly elected as directors of the Company with votes cast by the shareholders present in person or represented by proxy at the meeting by way of a ballot, as follows:

	Outcome of  the Vote	Votes For	%	Withheld	%
William C. Guinan	Elected	121,811,366	97.907%	2,603,663	2.093%
Jennifer Haskey	Elected	121,755,811	97.863%	2,659,218	2.137%
Ray Kwan	Elected	122,859,384	98.750%	1,555,645	1.250%
Neil G. Sinclair	Elected	122,858,680	98.749%	1,556,349	1.251%
Janet E. Vellutini	Elected	122,340,365	98.332%	2,074,664	1.668%
David J. Wilson	Elected	124,257,227	99.873%	157,802	0.127%

 

Restricted Share Unit Plan

An ordinary resolution of the shareholders of the Company to approve amendments to the restricted share unit plan and the approval of all the unallocated entitlements thereunder was approved at the meeting by way of a ballot, as follows:

Votes For	%	Voted Against	%
122,718,558	98.636%	1,696,470	1.364%

 

Performance Share Unit Plan

An ordinary resolution of the shareholders of the Company to approve the Company's new performance share unit plan was approved at the meeting by way of a ballot, as follows:

Votes For	%	Voted Against	%
122,725,884	98.642%	1,689,144	1.358%

 

Appointment of Auditor

An ordinary resolution to approve the appointment of PricewaterhouseCoopers LLP, as the auditors of the Company, was approved at the meeting by way of a ballot, as follows:

Votes For	%	Withheld	%
132,300,549	99.213%	1,050,090	0.787%

 

For further information, please contact:

Kelt Exploration Ltd., Suite 300, 311 - 6^th Avenue SW, Calgary, Alberta, Canada T2P 3H2

David J. Wilson, President and Chief Executive Officer (403) 201-5340, or
Sadiq H. Lalani, Vice President and Chief Financial Officer (403) 215-5310.
Or visit our website at www.keltexploration.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249637

FAQ

What changes were made to Kelt Exploration's (KELTF) board of directors in April 2025?

Michael R. Shea retired from the board on April 23, 2025, and Ray Kwan, a Managing Partner of AXO Capital Corp with 20+ years of industry experience, was elected as a new director.

What was the shareholder participation rate at Kelt's 2025 Annual Meeting?

133,350,639 common shares were represented at the meeting, accounting for 67.5% of total issued and outstanding shares.

What percentage of shareholders approved Kelt's new performance share unit plan?

98.642% of shareholders voted in favor of the new performance share unit plan, with only 1.358% voting against.

Who received the highest shareholder approval among Kelt's board nominees?

David J. Wilson received the highest approval with 99.873% of votes in favor, followed by Ray Kwan with 98.750%.