Maple Gold Announces Annual General and Special Meeting Results and Shareholder Approval of Joint Venture Restructuring Transaction

Rhea-AI Summary

Maple Gold Mines (TSXV: MGM) (OTCQB: MGMLF) announced that all proposed resolutions at its Annual General and Special Meeting of Shareholders were approved, including the restructuring transaction with Agnico Eagle Mines This transaction will give Maple Gold 100% ownership of the Douay Gold Project and the Joutel Gold Project in Québec, Canada.

Key highlights:

• Shareholders approved setting the number of directors at 5
• All nominated directors were elected with over 98% approval
• The appointment of auditors was approved with 99.56% of votes
• The amended and restated equity incentive plan was approved with 86.62% of votes
• The restructuring transaction received 97.06% approval from minority shareholders

The company expects to close the restructuring transaction soon and plans to announce a fully financed Fall/Winter drilling campaign.

Positive

• Shareholders approved the restructuring transaction, giving Maple Gold 100% ownership of Douay and Joutel gold projects
• The transaction effectively doubles Maple Gold's attributable gold mineral resource base
• Strong shareholder support with all resolutions passing by large margins (97%+ for most)
• Company gains control of ~400 km2 land package in a promising gold exploration area
• Plans for a fully financed Fall/Winter drilling campaign to be announced soon

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to announce that all proposed resolutions at its Annual General and Special Meeting of Shareholders held on September 9, 2024 were duly passed by an overwhelming majority of shareholders. This includes minority shareholder approval of the restructuring transaction (the "Restructuring Transaction") between the Company and Agnico Eagle Mines Limited that will result in Maple Gold obtaining legal title and a 100% ownership interest in the multi-million-ounce¹ Douay Gold Project ("Douay") and the past-producing, high-grade Joutel Gold Project ("Joutel") (together, the "Projects") located along the Casa Berardi-Douay Gold Trend in Québec, Canada. See the Company's news release dated June 20, 2024 for further details on the Restructuring Transaction.

The results for each of the matters voted upon at the meeting are set out below:

RESOLUTION	NUMBER OF SHARES					PERCENTAGE OF VOTES CAST
	FOR	AGAINST	WITHHELD/ ABSTAIN	RESTRICTED	NON VOTE	FOR	AGAINST	WITHHELD/ ABSTAIN
Number of Directors Set at 5	182,004,926	1,147,836	-	-	-	99.37%	0.63%	0.00%
Elect as Director:
Michelle Roth	131,412,754	-	28,731,184	-	23,008,824	82.06%	0.00%	17.94%
Kiran Patankar	158,970,515	-	1,173,423	-	23,008,824	99.27%	0.00%	0.73%
Darwin Green	158,320,641	-	1,823,297	-	23,008,824	98.86%	0.00%	1.14%
Maurice A. Tagami	158,512,447	-	1,631,491	-	23,008,824	98.98%	0.00%	1.02%
Gérald Riverin	158,321,604	-	1,822,334	-	23,008,824	98.86%	0.00%	1.14%
Appointment of Auditors	182,338,331	-	814,431	-	-	99.56%	0.00%	0.44%
Approval of Amended and Restated Equity Incentive Plan	138,719,469	21,424,469	-	-	23,008,824	86.62%	13.38%	0.00%
Approval of the Restructuring Transaction	86,109,667	2,608,902	-	71,425,369	23,008,824	97.06%	2.94%	0.00%​

 

"We are pleased by this strong vote of confidence from shareholders in the Company's leadership and in favour of the Restructuring Transaction, which consolidates ownership of the Projects and effectively doubles our attributable gold mineral resource base," stated Kiran Patankar, President and CEO of Maple Gold. "Upon completion, Maple Gold will gain 100% control of an established gold mineral resource at Douay, a past-producing, high-grade gold mining complex at Joutel and a fertile and as yet underexplored ~400 km² land package straddling one of the three major regional deformation zones in the Abitibi, with a clear path to advance the Projects. The Company expects to close the Restructuring Transaction in the coming days and we look forward to announcing our plans for a fully financed Fall/Winter drilling campaign in due course."

Qualified Person

The scientific and technical data contained in this press release was reviewed and approved by Jocelyn Pelletier, M.Sc., P.geo., Chief Geologist of Maple Gold. Mr. Pelletier is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec's prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km² of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.

The district-scale property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

"Kiran Patankar"

Kiran Patankar, President & CEO

For Further Information Please Contact:

Mr. Kiran Patankar
President & CEO
Tel: 604.639.2536
Email: kpatankar@maplegoldmines.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 PRESS RELEASE.

Forward-Looking Statements and Cautionary Notes:

This news release contains "forward-looking information" and "forward-looking statements" (collectively referred to as "forward-looking statements") within the meaning of applicable Canadian securities legislation in Canada. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company's gold projects, and its intention to pursue such potential, and the Company's exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management's best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company's expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company's filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company's website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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¹ The Douay Project contains Indicated Mineral Resources estimated at 10 million tonnes at a grade of 1.59 g/t Au, and Inferred Mineral Resources estimated at 76.7 million tonnes at a grade of 1.02/t Au. See the technical report for the Douay Gold Project entitled "Technical Report on the Douay and Joutel Projects Northwestern Québec, Canada Report for NI 43-101" prepared by SLR Consulting (Canada) Ltd. with an effective date of March 17, 2022 and dated April 29, 2022.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222789

FAQ

What was the main outcome of Maple Gold's Annual General and Special Meeting?

The main outcome was the approval of all proposed resolutions, including the restructuring transaction with Agnico Eagle Mines , which gives Maple Gold 100% ownership of the Douay and Joutel Gold Projects.

What percentage of minority shareholders approved the restructuring transaction for MGMLF?

97.06% of minority shareholders approved the restructuring transaction for Maple Gold Mines (MGMLF).

How will the restructuring transaction affect Maple Gold's resource base?

The restructuring transaction will effectively double Maple Gold's attributable gold mineral resource base by giving the company 100% ownership of the Douay and Joutel Gold Projects.

What are Maple Gold's plans following the approval of the restructuring transaction?

Maple Gold plans to close the restructuring transaction in the coming days and will announce plans for a fully financed Fall/Winter drilling campaign soon.

Where are the Douay and Joutel Gold Projects located?

The Douay and Joutel Gold Projects are located along the Casa Berardi-Douay Gold Trend in Québec, Canada.