North Vancouver, BC, Canada, July 8, 2022 – Cascadero Copper Corporation (“Cascadero” or the “Company”) (TSXV:CCD) is pleased to announce the results of its annual general meeting of shareholders (the “Meeting”) held on May 30, 2022. All resolutions proposed at the Meeting were duly passed. The resolutions at the Meeting consisted of the following: (1) setting the number of directors at five; (2) electing all director nominees, as listed in the management information circular dated April 27, 2022 (the “Information Circular”), to the board of directors of the Company; (3) re-appointing Mao & Ying LLP as auditor of the Company for the ensuing year and authorizing the board of directors to fix the auditor’s remuneration; and (4) approving the Company’s stock option plan, as amended (the “Stock Option Plan”), as described in the Information Circular.
The voting results, with a total of 157,609,605 votes or approximately 52.51% of the Company’s issued and outstanding common shares represented at the Meeting, are summarized as follows:
|Vote For||Votes Against or|
|Setting Number of Directors||116,163,661||99.99||10,999||0.01|
|Election of Nelson Borch||116,124,561||99.96||50,099||0.04|
|Election of Tony Cau||116,162,661||99.99||11,999||0.01|
|Election of David Dreisinger||115,281,061||99.23||893,599||0.77|
|Election of George Gale||115,247,161||99.20||927,499||0.80|
|Election of Lorne Harder||115,277,995||99.23||896,665||0.77|
|Appointment of Mao & Ying LLP as Auditor||154,818,290||98.23||2,791,315||1.77|
|Approval of Stock Option Plan as Amended||116,151,395||99.98||23,265||0.02|
Following the Meeting, the Board of Directors appointed Lorne Harder as Chairman of the Board, George Gale as Interim Chief Executive Officer and Interim President, and Natasha Tsai as Chief Financial Officer and Corporate Secretary. Lorne Harder, Tony Cau and Nelson Borch have been appointed as members of the Company’s Audit Committee with Tony Cau as Chair. David Dreisinger, Tony Cau and Lorne Harder have been appointed as members of the Company’s Compensation Committee with David Dreisinger as Chair.
At the Meeting, shareholders approved the Stock Option Plan as amended. The Option Plan, as amended and restated, is attached to the Information Circular as Schedule “B”. The Stock Option Plan is a “fixed number” stock option plan. The maximum aggregate number of common shares that may be reserved for issuance under the Stock Option Plan is 60,025,975 Common Shares. The material terms of the Stock Option Plan are summarized in the Information Circular. On November 24, 2021, the TSX Venture Exchange adopted a new policy governing security based compensation (the “New Policy 4.4”). In accordance with the New Policy 4.4, a number of amendments have been made to the Stock Option Plan. These changes include amendments allowing option holders to exercise options on a “cashless exercise” or “net exercise” basis, as now expressly permitted by the New Policy 4.4. “Cashless exercise” is a method of exercising stock options in which a securities dealer loans funds to the option holder or sells the same shares as those underlying the option, prior to or in conjunction with the exercise of options, to allow the option holder to fund the exercise of some or all of their options. “Net exercise” is a method of option exercise under which the option holder does not make any payment to the issuer for the exercise of their options and receives on exercise a number of shares equal to the intrinsic value (current market price less the exercise price) of the option valued at the current market price. Under the New Policy 4.4, the current market price must be the 5-day volume weighted average trading price prior to option exercise. “Net exercise” may not be utilized by persons performing investor relations services.
About Cascadero Copper Corporation
Cascadero Copper Corporation is focused on the exploration and development of its properties located in Salta, Argentina. The Company currently has a joint venture with Golden Minerals on its Sarita Este license. In addition, the Company has newly appointed technical advisors to work with the board and management to provide advice on exploration and development of the Cascadero mineral properties in Argentina and on other future properties of merit. The Cascadero research and development team that was instrumental in developing the patent-pending mineral processing flowsheet on Taron mineral samples are expected to continue their work under the guidance of the Board.
For further information, please contact:
Dr. George Gale
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 release.