TIDMCUSN
RNS Number : 4671E
Cornish Metals Inc.
30 June 2023
CORNISH METALS ANNOUNCES RESULTS OF ITS 2023 ANNUAL GENERAL AND
SPECIAL MEETING OF THE SHAREHOLDERS
Vancouver, June 30, 2023
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to announce the results of its 2023 Annual
General and Special Meeting of the shareholders of the Company held
via live audio teleconference on June 29, 2023 (the "Meeting").
Proxies representing 261,370,202 common shares of the Company
("Common Shares"), and shareholders holding 350,000 Common Shares,
being in aggregate 48.89% of the issued and outstanding Common
Shares as at the date hereof, were voted. All resolutions were
passed.
Mr. Grenville Thomas
Mr. Grenville Thomas, founder of Cornish Metals, did not stand
for re-election to the Board. Richard Williams, CEO and Director,
and the Board of Directors, would like to thank Gren for his
contribution to the Company since he founded it over 20 years ago.
Mr. Thomas will continue to be associated with the Company as
Chairman Emeritus.
Meeting Results
Capitalized terms not otherwise defined in this news release
shall have the meanings ascribed thereto in the Company's
Management Proxy Circular dated May 18, 2023 (the "Circular").
The voting results of the business of the Meeting are summarized
as follows:
MOTION Votes % For Votes % Against Votes % Withheld
For Against Withheld
Number of directors
set at seven 261,188,865 99.93 181,337 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
Patrick F.N.
Anderson 258,480,629 99.93 192,141 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
Richard D. Williams 258,491,629 99.93 181,141 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
Kenneth A. Armstrong 258,488,433 99.93 184,337 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
Donald Njegovan 258,489,629 99.93 183,141 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
John F.G. McGloin 258,496,933 99.93 175,837 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
Stephen T. Gatley 258,497,433 99.93 175,337 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Election of
Anthony Trahar 258,488,629 99.93 184,141 0.07 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Appointment
of Auditors 261,289,157 99.98 N/A N/A 62,026 0.02
------------ ------ --------- ---------- ---------- ----------
Approval of
the Stock Option
Plan Resolution 258,279,737 99.85 394,309 0.15 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Approval of
the RSU Plan
Resolution 258,309,081 99.86 364,965 0.14 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Approval of
the General
Share Authority
Resolution 258,443,431 99.91 230,615 0.09 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Approval of
the Pre-Emptive
Disapplication
Authority Resolution 258,454,431 99.92 219,615 0.08 N/A N/A
------------ ------ --------- ---------- ---------- ----------
Approval of
the RSU Plan
Share Authority
Resolution 258,291,731 99.85 382,315 0.15 N/A N/A
------------ ------ --------- ---------- ---------- ----------
At the Meeting, pursuant to the Stock Option Plan Resolution,
shareholders approved the Amended Option Plan, which was amended in
respect of certain amendments as further described in the Circular,
together with certain clarifying, housekeeping changes which did
not require shareholder approval. The maximum number of Common
Shares issuable under the Amended Option Plan, together with the
number of Common Shares issuable under outstanding security based
compensation granted otherwise than under the Amended Option Plan,
shall not exceed 10% of the issued and outstanding Common Shares
from time to time. As of the date hereof, the maximum number of
Common Shares issuable under the Amended Option Plan is equal to
53,527,071.
Further, at the Meeting, pursuant to the RSU Plan Resolution,
shareholders approved the adoption by the Company of the RSU Plan.
The maximum number of Common Shares issuable under the RSU Plan,
together with the number of Common Shares issuable under
outstanding security based compensation granted otherwise than
under the RSU Plan, shall not exceed 10% of the issued and
outstanding Common Shares from time to time. As of the date hereof,
the maximum number of Common Shares issuable under the RSU Plan is
equal to 48,377,071.
The Amended Option Plan and the RSU Plan are subject to the
final approval of the TSX Venture Exchange.
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and TSX-V: CUSN)
focused on advancing the South Crofty high-grade, underground tin
project through to delivery of a Feasibility Study, as well as
exploring its additional mineral rights, all located in Cornwall,
South West England. The former producing South Crofty tin mine is
located beneath the towns of Pool and Camborne and closed in 1998
following over 400 years of continuous production. Since acquiring
the project in 2016, Cornish Metals has completed and published
maiden NI 43-101 Mineral Resources for South Crofty using the vast
archive of historical production data and more recent drilling
completed between 2007 and 2013. Additionally, Cornish Metals has
undertaken extensive pilot-scale water treatment trials and
successfully applied for and received the necessary environmental
permits to abstract, treat and discharge mine water in order to
dewater the mine. Planning permissions for the operation of the
mine and re-development of the surface facilities have been secured
and construction of the water treatment plant is currently well
underway.
An updated Mineral Resource was completed in June 2021 as
summarised below:
South Crofty Summary (JORC 2012) Mineral Resource Estimate
Area Classification Mass ('000 tonnes) Grade Contained Tin / Tin Increase in contained
Equivalent ('000 tonnes) Tin / Tin equivalent
from 2016 MRE
---------------- ------------------- ----------- ------------------------- -------------------------
Lower Mine Indicated 2,084 1.59% Sn 33 10.2%
---------------- ------------------- ----------- ------------------------- -------------------------
Inferred 1,937 1.67% Sn 32 129.8%
----------------------------- ------------------- ----------- ------------------------- -------------------------
Upper Mine Indicated 277 1.01% SnEq 3 9.5%
---------------- ------------------- ----------- ------------------------- -------------------------
Inferred 493 0.93% SnEq 5 8.0%
----------------------------- ------------------- ----------- ------------------------- -------------------------
The Mineral Resource Estimate for South Crofty (see news release
dated June 9, 2021 ), is available in a report titled the " South
Crofty Tin Project Mineral Resource Update " dated June 7, 2021,
authored by Mr. N. Szebor, CGeol (London), EuroGeol, FGS, of AMC
Consultants (UK) Ltd, can be accessed through the link and on the
Company's SEDAR page.
The technical information in this news release has been compiled
by Mr. Owen Mihalop who has reviewed and takes responsibility for
the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc
(Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for
Cornish Metals Inc. and has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined under the JORC Code (2012) and as a Qualified
Person under NI 43-101. Mr. Mihalop consents to the inclusion in
this announcement of the matters based on his information in the
form and context in which it appears.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene.dorsman@cornishmetals.com
SP Angel Corporate
Finance LLP
(Nominated Adviser
& Joint Broker) Tel: +44 203 470 0470
Richard Morrison
Charlie Bouverat
Grant Barker
Hannam & Partners
(Joint Broker) Tel: +44 207 907 8500
Matthew Hasson
Andrew Chubb
Jay Ashfield
BlytheRay
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blyther
ay .com
Megan Ray megan.ray@blythe ray
.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
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 .
Caution regarding forward looking statements
This news release contains "forward-looking statements".
Forward-looking statements, while based on management's best
estimates and assumptions at the time such statements are made, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to receipt of regulatory approvals, risks related to
general economic and market conditions; risks related to the
COVID-19 global pandemic and any variants of COVID-19 which may
arise; risks related to the availability of financing; the timing
and content of upcoming work programmes; actual results of proposed
exploration activities; possible variations in Mineral Resources or
grade; outcome of the current Feasibility Study; projected dates to
commence mining operations; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; changes in national and local
government regulation of mining operations, tax rules and
regulations.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
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END
MSCPPURAQUPWPUB
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