Vortex Energy Announces Results of Shareholder Meeting

Rhea-AI Summary

Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) announced the voting results from its Annual General and Special Meeting of shareholders held on January 11, 2024. A total of 24,260,177 (representing 34.21% of the issued and outstanding common shares) were represented at the Meeting. The three nominees listed in the management information circular were elected as directors of the Company. Shareholders also approved the Company’s equity incentive plan and the amendment of the quorum requirement in the Company’s articles.

All matters placed before the meeting, including the re-election of the Company’s directors, the approval of the Company’s equity incentive plan and the amendment of the quorum requirement in the Company’s articles, were passed

VANCOUVER, British Columbia, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) ("Vortex” or the "Company") announces the voting results from its Annual General and Special Meeting of shareholders held on January 11, 2024 (the “Meeting”). A total of 24,260,177 (representing 34.21% of the issued and outstanding common shares) were represented at the Meeting.

The three nominees listed in the management information circular with respect to the Meeting were elected as directors of the Company. Shareholders also approved the Company’s equity incentive plan and the amendment of the quorum requirement in the Company’s articles to require two shareholders who hold at least 5% of the issued shares entitled to be vote at a meeting to be present at a shareholders’ meeting in order for there to be a quorum at such meeting. Detailed results of the votes on the matters put before the Meeting are set out below:

Number of Directors

To set the number of directors for the ensuing year at three:

Votes For	% For	Votes Against	% Against
21,846,797	90.054	2,412,879	9.946	%

Election of Directors

To elect the following persons to serve as directors of the Company for the ensuing year:

Nominee	Votes For	% For		Votes Withheld	% Withheld
Paul Sparkes	18,445,716	89.584	%	2,144,750	10.416
Eli Dusenbury	18,457,469	89.641	%	2,132,997	10.359
David Bowen	20,572,496	99.913		17,970	0.087	%

Re-appointment of the Auditor

To re-appoint Baker Tilly WM LLP as the Company’s auditor for the ensuing year at remuneration to be fixed by the directors:

Votes For	% For	Votes Withheld	% Withheld
24,224,088	99.853	35,589	0.147	%

Approval of Compensation Plan

To authorize, approve, ratify and confirm the Company’s equity compensation plan and the unallocated entitlements issuable thereunder and permit the Company to grant options, restricted share units and deferred share units under the Company’s equity compensation plan until January 11, 2027:

Votes For	% For	Votes Against	% Against
18,379,255	89.261	2,211,211	10.739

Approval of Amendment to Articles

To approve a special resolution to amend the quorum requirement in the Company’s articles to require a quorum for the transaction of business at shareholder meetings of two shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to be voted at the meeting and are present in person or represented by proxy.

Votes For	% For	Votes Against	% Against
20,475,025	99.439	115,441	0.561

About Vortex Energy Corp.

Vortex Energy Corp. is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America. The company is currently advancing its Robinson River Salt Project comprised of a total of 942 claims covering 23,500 hectares located approximately 35 linear kms south of the town of Stephenville in the Province of Newfoundland & Labrador. The Robinson River Salt Project is prospective for both salt and hydrogen salt cavern storage. The company is actively evaluating technologies to efficiently store hydrogen or energy in salt caverns. Vortex Energy Corp. also holds the Fire Eye Project, which is located in the Wollaston Domain of northern Saskatchewan, Canada.

On Behalf of the Board of Directors
Paul Sparkes
Chief Executive Officer, Director
+1 (778) 819-0164
info@vortexenergycorp.com

The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this ‎press release.‎

FAQ

How many shares were represented at the Meeting?

A total of 24,260,177 shares, representing 34.21% of the issued and outstanding common shares, were represented at the Meeting.

What were the voting results for the number of directors?

Votes for setting the number of directors for the ensuing year at three were 21,846,797 (90.05%), and votes against were 2,412,879 (9.95%).

Who were elected as directors of the Company for the ensuing year?

Paul Sparkes, Eli Dusenbury, and David Bowen were elected as directors of the Company for the ensuing year.

Who was re-appointed as the Company’s auditor for the ensuing year?

Baker Tilly WM LLP was re-appointed as the Company’s auditor for the ensuing year.

What was the result of the approval of the Company’s equity compensation plan?

Votes for approving the equity compensation plan were 18,379,255 (89.26%), and votes against were 2,211,211 (10.74%).

What was the result of the approval of the amendment to the quorum requirement in the Company’s articles?

Votes for approving the amendment to the quorum requirement were 20,475,025 (99.43%), and votes against were 115,441 (0.56%).