Abitibi Royalties Announces Annual General Meeting Results
Val-d’Or, Québec -- July 2, 2014 - Abitibi Royalties Inc. (RZZ-TSX-V: “Abitibi Royalties” or the “Company”) announces the results of its Annual General and Special Meeting of Shareholders held on June 30, 2014, in Montréal, Québec.
At the meeting, shareholders re-elected three incumbent directors, being Glenn J. Mullan, Andrew T. Pepper and Dr. C. Jens Zinke, and shareholders also elected as directors Ian J. Ball and Joseph Groia, who were nominees of management. Chad Williams, who has served as a director of Abitibi Royalties since September 2011, did not stand for re-election at the meeting. The Board of Directors extends sincere thanks to Mr. Williams for his contributions to Abitibi Royalties during the years he served as a director, as a member of the Compensation and Corporate Governance Committee and as Chair of the Technical Committee and welcomes Mr. Ball and Mr. Groia to the Board.
Ian Ball is currently the President and was previously Vice President (Mexico)/Senior Vice President of McEwen Mining Inc. Joseph Groia has been a member of the Law Society of Upper Canada since April of 1981 and he has been a principal of Groia & Company Professional Corporation, a law firm, since January 2000. Mr. Groia is also a director of Golden Valley Mines Ltd., Abitibi Royalties’ parent company.
The Board of Directors is comprised of a majority of independent directors.
Among other routine matters dealt with at the meeting, shareholders approved, ratified and confirmed by disinterested vote the Company’s further amended and restated stock option incentive plan – a 20% fixed option plan – which replaces, subject to TSX Venture Exchange acceptance, the previously adopted 10% rolling plan. Shareholders also approved by disinterested vote the stock options granted by the Board of Directors on September 27, 2013, under the further amended and restated stock option incentive plan, which options entitle the purchase of an aggregate 860,000 common shares of Abitibi Royalties by directors, officers and employees of, and consultants to, Abitibi Royalties at a per share price of $0.55 until September 27, 2018, the detail of which is set out in the Company’s Management Information Circular dated May 26, 2014. The further amended and restated stock option plan and the grants of options thereunder remain subject to acceptance by the TSX Venture Exchange.
Following the shareholder meeting, the Board re-appointed officers for the ensuing year, being Glenn J. Mullan as Chief Executive Officer and Daniel Poisson as Chief Financial Officer & Corporate Secretary.
About Abitibi Royalties Inc.
Abitibi Royalties holds 100% title to the Luc Bourdon and Bourdon West Prospects in Ontario and a 30% free-carried interest as well as other rights on the Malartic CHL Property near Val-d’Or, Québec. In addition, the Company holds a 2% net smelter royalty interest in one additional claim held by Osisko Mining Corporation, and may acquire and generate other property and royalty interests.
Golden Valley Mines Ltd. holds an approximate 63.7% interest in Abitibi Royalties Inc.
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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 news release.
Abitibi Royalties Inc.
Glenn J. Mullan
819-824-2808, x 204