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Mandalay Resources Corporation Announces the Results of its Annual General and Special Meeting of Shareholders, Filing of ESTMA Report and Appointment of Director

16.05.2018  |  Globenewswire Europe

TORONTO, May 16, 2018 (GLOBE NEWSWIRE) -- Mandalay Resources Corp. ("Mandalay" or the "Company") (TSX:MND) is pleased to announce the results of its Annual General and Special Meeting of Shareholders (the "Meeting") held today in Toronto, Ontario. All of the resolutions presented at the meeting were approved by the shareholders, with the votes cast by proxy representing 79.15% of the total shares outstanding as of the proxy cut-off date, May 14, 2018.

Election of Directors

As announced on May 14, 2018, Mark Sander has resigned as President and Chief Executive Officer of the Company and also withdrew as a candidate for re-election to the board. As a result, the number of directors was fixed at five members and each of the five nominees listed in the Company's management information circular dated April 13, 2018 (the "Circular") other than Dr. Sander were re-elected to the Company's Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as the Chair. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Motion Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Abraham Jonker 335,371,548 99.31 2,317,679 0.69
Amy Freedman 337,026,707 99.80 662,519 0.20
Bradford A. Mills 337,244,097 99.87 445,130 0.13
Peter R. Jones 337,242,347 99.87 446,880 0.13
Robert Doyle 337,214,347 99.86 474,880 0.14

Appointment of Auditors

Ernst & Young LLP was appointed as the auditor of the Company to hold office until the close of the next Annual Meeting of the Shareholders, or until their successor is otherwise appointed, and the directors were authorized to fix the auditor's remuneration. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Motions Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Appointment of Auditors 357,150,854 99.98 79,965 0.02

Shareholder Rights Plan

The resolution to ratify the Company's amended and restated shareholder rights plan was approved. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Motions Votes Cast by Proxy For % For Votes Cast Against % Withheld
Shareholder Rights Plan 317,439,258 94.00 20,249,969 6.00

Advance Notice Policy

The resolution to ratify the Company's amended and restated advance notice policy was approved. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.

Motions Votes Cast by Proxy For % For Votes Cast Against % Withheld
Advance Notice Policy 337,527,824 99.95 161,403 0.05

ESTMA Report

The Company has filed its Extractive Sector Transparency Measures Act Report for the year ended December 31, 2017. The Extractive Sector Transparency Measures Act Report can be accessed on the Company's website at www.mandalayresources.com.

Appointment of Director

As noted above, as a result of Dr. Sander not standing for re-election as a director, at the conclusion of the Meeting, the Company's Board of Directors subsequently appointed Dominic Duffy, Mandalay's new President and Chief Executive Officer, as a director, restoring the size of the Board of Directors to six directors. 

For Further Information

Dominic Duffy
President and Chief Executive Officer

Greg DiTomaso 
Director of Investor Relations

Contact: 
647.260.1566

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in production gold, copper, silver and antimony projects in Australia, the Americas, and Europe to generate near-term cash flow and shareholder value.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corp. via Globenewswire

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