At the meeting, Matthew Allas, President and Chief Executive Officer, provided an update on the current activities and outlook for the Company to shareholders.
Re-Evaluation of Technical Information
As part of the previously announced proposed public listing process, the Company engaged the services of Mercator Geological Services and Thibault & Associates Inc. to re-evaluate the geological data and mineral resource estimates, and preliminary processing alternatives, respectively, for the future production of a high-purity manganese product from the Company’s Woodstock Manganese Project in New Brunswick. This information will be used to prepare an updated 43-101 Technical Report, which is expected to be completed in the coming weeks, and subsequently used to assist in finalizing CMC’s application for listing on the CSE.
ESG & Stakeholder Engagement
CMC’s goal of producing a high-purity manganese product for the battery sector is driven by the belief that the reduction in carbon emissions through electrification initiatives will meaningfully benefit the environment and society. Environmental, social and governance (“ESG”) issues have quickly emerged at the forefront of not only the resource landscape, but within most industry board rooms and among investors globally.
CMC’s management and board have recognized the importance of ESG in both the execution of near-term evaluation programs and the implementation of our long-term strategy. As investors become more informed on the procurement and processing of materials into the battery sector, we believe that capital will be reallocated away from companies that have poor ESG ratings and are unable to improve due to fundamental asset constraints.
CMC’s belief is that prioritizing ESG practices from the outset will fundamentally differentiate our business and generate significant long-term value for all stakeholders. We are actively evaluating our immediate work program initiatives and intend to engage with the First Nations, local stakeholders and various levels of government prior to embarking on any on-ground activities. We look forward to providing numerous updates on these initiatives the coming months and welcome any questions during this period.
ELECTION OF DIRECTORS AT THE ANNUAL MEETING
All of the nominees for election as director: Messrs. John Kearney, Matthew Allas, John Allan, Aiden Carey, John Hurley and Danesh Varma, were unanimously elected as directors, to serve until the next meeting of shareholders.
|Director||Votes For||% of Votes For||Votes Withheld|
|John F. Kearney||55,924,198||100%||Nil|
RE-APPOINTMENT OF AUDITORS
McGovern Hurley LLP, Chartered Professional Accountants were re-appointed as auditors for the current year and the directors were authorized to fix the remuneration of the auditors.
SHARE BASED COMPENSATION
The ratification of the Company’s Stock Option Plan and the adoption of a Restricted Share Unit Plan and a Deferred Share Unit Plan were approved.
ABOUT CANADIAN MANGANESE
CMC is a Canadian mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry.
CMC holds the Woodstock Manganese Project in New Brunswick containing the Plymouth manganese-iron deposit that hosts an Inferred Resource of 44,770,000 tonnes grading 9.85% manganese and on which a positive preliminary economic assessment, NI 43-101 technical report was completed in 2014.
Qualified Person and Technical Report
Paul Moore is the Company’s non-independent Qualified Person as defined by National Instrument 43-101 who has approved the scientific and technical information relating to CMC’s Woodstock property contained in this News Release.
The 2014 Mineral Resource Estimate for the Plymouth Mn-Fe deposit was prepared by Mercator Geological Services as disclosed in the Technical Report issued in July of 2014 as a Preliminary Economic Assessment [Preliminary Economic Assessment on the Woodstock Manganese Property, New Brunswick Canada. Effective Date: July 10, 2014. Prepared by Dharshan Kesavanathan, P.Eng., Laszlo Bodi, P.Eng., Michael Cullen, M.Sc., P.Geo., Mike McLaughlin, P.Eng., Stephanie M. Goodine, P.Eng., and Wenchang Ni, P.Eng.]. (Technical Report filed on SEDAR under the profile of CMC’s parent company, Buchans Resources Limited, at www.sedar.com and on the Company’s website).
Matthew Allas: President and CEO +1 647 338 3748
John F. Kearney: Chairman +1 416 362 6686
Additional information on Canadian Manganese Company Inc. is available at www.CanadianManganese.com
Notice regarding forward-looking statements:
This press release includes forward-looking statements regarding CMC, Maximos, and their respective businesses, which may include, but is not limited to, statements with respect to the expected use of the net proceeds from the Financing, the plan to create a diversified technology metals company through a disciplined growth strategy, the proposed business plan of CMC and other factors. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this press release, including completion of the transaction, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the mining industry, economic factors, the equity markets generally and risks associated with growth and competition. Although CMC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and CMC undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
This news release contains certain forward-looking statements relating to, but not limited to, the Company’s expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “intend”, “estimate”, “may” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, delays in the development of projects changes in exchange rates, fluctuations in commodity prices, inflation and other factors. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Shareholders and prospective investors should be aware that these statements are subject to known and unknown risks uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.