Southern Arc Minerals Inc. Announces Results of Annual General Meeting

Rhea-AI Summary

Southern Arc Minerals Inc. (TSXV: SA) announced that all resolutions were passed at its Annual General Meeting (AGM) held on June 26, 2024. John Proust, Murray Flanigan, and Vince Boon were elected as directors for the upcoming year. The company's equity incentive plan, which includes stock options, restricted share units, performance share units, and deferred share units, was approved. The plan limits stock options to 10% of the issued Class A Shares and allows for 2,289,828 Class A Shares upon graduation from the NEX Board to the TSX Venture Exchange. Davidson & Company LLP was appointed as auditor for the ensuing year. The incentive plan requires final approval from the TSX Venture Exchange.

Positive

• All resolutions passed at the AGM, indicating strong shareholder support.
• Three directors were successfully elected, ensuring experienced leadership.
• Equity incentive plan approved, providing a structured compensation plan.
• Davidson & Company LLP appointed as auditor, ensuring reliable financial oversight.

Negative

• The equity incentive plan is still subject to final approval by the TSX Venture Exchange, introducing an element of uncertainty.

Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - Southern Arc Minerals Inc. (TSXV: SA) ("Southern Arc." or the "Company") is pleased to announce that all resolutions were passed at its annual general meeting of shareholders (the "AGM") held on June 26, 2024.

All of the nominees for election as directors of the Company listed in the Company's information circular dated May 15, 2024, were elected for the ensuing year and the number of directors was fixed at three. John Proust, Murray Flanigan, and Vince Boon were all elected as directors of the Company.

The Company's current equity incentive plan (the "Compensation Plan") was also approved at the AGM. The Compensation Plan governs the granting of stock options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs"), and deferred share units ("DSUs", together, the "Awards") to directors, officers, employees, management company employees and consultants of the Company. The aggregate number of Class A Shares reserved for issuance in respect of Options shall not exceed ten (10%) of the total number of issued Class A Shares (calculated on a rolling, non-diluted basis) at the time an Option is granted. Upon the Company's graduation from the NEX Board to the TSX Venture Exchange, the aggregate number of Class A Shares issuable in respect of RSUs, PSUs and DSUs is 2,289,828 Class A Shares.

Further details regarding the Compensation Plan are included in the management information circular of the Company filed on SEDAR+ in connection with the AGM. The Compensation Plan is subject to final approval by the TSX Venture Exchange.

Davidson & Company LLP were appointed as auditor for the Company for the ensuing year.

On behalf of the Board of
Southern Arc Minerals Inc.

"John Proust"
Chairman and CEO

Southern Arc Contact

John Proust Chairman & CEO
Phone: 778-725-1490
Email: info@southernarcminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214571

FAQ

What were the outcomes of Southern Arc Minerals' AGM on June 26, 2024?

All resolutions were passed, and John Proust, Murray Flanigan, and Vince Boon were re-elected as directors.

What is included in Southern Arc Minerals' equity incentive plan?

The plan includes stock options, restricted share units, performance share units, and deferred share units.

How many Class A Shares can Southern Arc Minerals issue under the equity incentive plan?

The plan allows for stock options up to 10% of issued Class A Shares and 2,289,828 Class A Shares upon TSX Venture Exchange graduation.

Who are the new directors of Southern Arc Minerals?

John Proust, Murray Flanigan, and Vince Boon were elected as directors.

Who is the auditor for Southern Arc Minerals for the upcoming year?

Davidson & Company LLP was appointed as the auditor.

What is the stock ticker for Southern Arc Minerals?

The stock ticker for Southern Arc Minerals is TSXV: SA.