Mountain Province Diamonds Reveals Shareholder Voting Outcomes
Mountain Province Diamonds Reports Voting Results
TSX and OTC: MPVD
Mountain Province Diamonds Inc. ("Mountain Province") (TSX and OTC: MPVD) is excited to share the results from the virtual meeting of its shareholders. During this annual event, total voting reached 110,077,023 common shares, equating to 51.92% of all issued and outstanding shares.
Shareholder Approval for Working Capital Facility
The company secured necessary approvals under relevant regulations for a notable CAD$33 million working capital agreement with Dunebridge Worldwide Ltd. ("Dunebridge"). This approval reflects positive outlook and support from shareholders regarding future activities.
Key Voting Results for the Meeting
In the context of the approved resolution for the working capital facility:
Approval of the WCF under TSX guidelines was achieved with a significant 98.40% in favor, while 1.60% voted against the proposal, showcasing robust support from the shareholders.
In votes tied to MI 61-101, the approval was similarly impressive with 98.41% supporting the motion, and only 1.59% opposed, further indicating confidence in the direction the company is taking.
Director Elections and Shareholder Confidence
In addition to the capital facility vote, key directors were elected to serve until the next annual gathering. Notable names included Jonathan Comerford, Mark Wall, and Brett Desmond, each receiving overwhelming majority support from shareholders:
- Jonathan Comerford: 94.67% in favor
- Mark Wall: 94.74% in favor
- Brett Desmond: 94.98% in favor
These results reflect a high level of shareholder trust in the leadership team guiding Mountain Province's strategic initiatives.
Reappointment of Auditors
Additionally, shareholders confirmed the reappointment of KPMG as the company’s auditor, with future remuneration to be determined by the board of directors. This decision emphasizes the importance of maintaining high standards in corporate governance and financial integrity.
About Mountain Province Diamonds Inc.
Mountain Province holds a 49% stake alongside De Beers in the Gahcho Kué Mine, located in Canada's Northwest Territories. The mine is a significant source of diamonds, and the company controls a vast area of mineral claims around it, with notable resources in kimberlites. This positions Mountain Province favorably for ongoing exploration and development opportunities.
Frequently Asked Questions
What is the key outcome of the shareholder meeting?
The main outcome was the approval of a CAD$33 million working capital facility and the election of directors.
Who are the directors elected during the meeting?
Directors elected included Jonathan Comerford, Mark Wall, and Brett Desmond, who received strong shareholder support.
What percentage of shares were voted?
A total of 110,077,023 shares were voted, representing 51.92% of all issued shares.
Who was reappointed as the company's auditor?
KPMG was reappointed as the auditor, underscoring a commitment to transparency and fiscal responsibility.
What is the significance of the working capital facility?
The working capital facility is vital for funding ongoing operations and future projects within the company.
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