Nevada Copper Announces Shareholder Meeting Results

Rhea-AI Summary

Nevada Copper Corp. (OTC: NEVDF) announced positive outcomes from its 2021 Annual and Special Meeting. Approximately 63% of shareholders were represented, with all proposed resolutions approved, including the election of eight directors and the appointment of PricewaterhouseCoopers as auditor. Notably, shareholders approved a share consolidation at a ratio of 1:10, allowing the board to implement it before year-end. The company operates the Pumpkin Hollow copper project, with both underground and open-pit mining initiatives progressing towards production and feasibility, respectively.

Positive

• Approval of share consolidation (1:10 ratio) empowers the board to enhance share value.
• 100% approval for the election of directors, indicating strong shareholder support.
• Appointment of PricewaterhouseCoopers as auditor reflects confidence in financial governance.

Negative

• Share consolidation may lead to perceived dilution of share value among investors.

YERINGTON, Nev., June 30, 2021 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or “Company”) is pleased to announce the results from its 2021 Annual and Special Meeting of shareholders (the “Meeting”), held today in Vancouver. Shareholders holding a total of 1,144,460,858 common shares of the Company (“Common Shares”) were represented by proxy at the Meeting, representing approximately 63% of the total 1,828,457,695 Common Shares outstanding as of the record date. Shareholders voted in favour of all items of business before the Meeting.

Voting Details

The following eight persons were elected as Directors of the Company until the next annual shareholder meeting of the Company or until their successors are elected or appointed, with the voting results shown below:

Director	Votes For	% For		Votes Withheld	% Withheld
Tom Albanese	1,059,795,954	99.89%		1,126,670	0.11%
Michael Brown	1,059,029,314	99.82%		1,893,310	0.18%
Justin Cochrane	1,059,494,404	99.87%		1,428,220	0.13%
Raffaele (Lucio) Genovese	1,056,694,914	99.60%		4,227,710	0.40%
Stephen Gill	1,059,726,136	99.89%		1,196,488	0.11%
Evgenij Iorich	1,058,516,020	99.77%		2,406,604	0.23%
G. Ernest (Ernie) Nutter	1,058,647,323	99.79%		2,275,301	0.21%
Kate Southwell	1,058,741,783	99.79%		2,180,841	0.21%

At the Meeting, the shareholders of the Company also (i) fixed the number of Directors at eight for the ensuing year, (ii) voted to appoint PricewaterhouseCoopers LLP as the Company’s auditor and authorized the Directors to fix their remuneration, (iii) approved all unallocated awards under the Company’s Deferred Share Unit Plan, and (iv) approved a special resolution with respect to the consolidation of all of the issued and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the “Share Consolidation”). Approval of the special resolution with respect to the Share Consolidation gives the Company’s board of directors (the “Board”) the authority to implement the Share Consolidation at any time prior to December 31, 2021. Notwithstanding the foregoing, the Board retains the discretion to not proceed with the Share Consolidation.

About Nevada Copper

Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

NEVADA COPPER CORP.
www.nevadacopper.com

Mike Ciricillo, President and CEO

For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179

 

FAQ

What were the key outcomes of the Nevada Copper Corp. Annual Meeting on June 30, 2021?

Nevada Copper Corp.'s Annual Meeting resulted in the election of eight directors, appointment of PricewaterhouseCoopers as auditor, and approval for a 1:10 share consolidation.

How many shareholders participated in the Nevada Copper Corp. meeting?

Approximately 63% of shareholders were represented at the meeting, totaling 1,144,460,858 shares.

What is the significance of the share consolidation approved by Nevada Copper Corp.?

The share consolidation allows the company to consolidate its shares at a 1:10 ratio, potentially increasing share value and simplifying capital structure.

Who were elected as directors of Nevada Copper Corp. during the 2021 Annual Meeting?

All eight nominated directors were elected, receiving over 99% of shareholder votes.