VANCOUVER, BC / ACCESSWIRE / June 30, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or "the Company") announces voting results for its Annual General Meeting of shareholders held on Friday, June 28, 2024 in Vancouver, British Columbia.
A total of 45,215,379 common shares, representing 53.71% of the Company's outstanding shares were represented at the Meeting and all motions put forward were passed.
The following sets forth a summary of the Annual General Meeting voting results:
Appointment of Auditor
Kreston GTA LLP were appointed as Auditors of the Company for the ensuing year at a remuneration to be fixed by the Directors.
Votes For: 97.69 %
Votes Withheld: 2.31 %
Adoption of New Omnibus Equity Incentive Plan
The adoption of a new 10% rolling Omnibus Equity Incentive Plan, was ratified and approved.
Votes For: 95.97 %
Votes Against: 4.03 %
Number of Directors
The number of Directors was set at seven.
Votes For: 97.29 %
Votes Against: 2.71 %
Election of Directors
The following nominees were elected as Directors to hold office until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.
Directors | Votes For | Votes Withheld |
Giulio T. Bonifacio | 41,503,766 (93.44%) | 2,913,338 (6.56%) |
Joanne C. Freeze | 18,081,575 (40.71%) | 26,335,529 (59.29%) |
Andrew Hamilton | 40,487,565 (91.15%) | 3,929,539 (8.85%) |
Miguel Inchaustegui | 15,097,943 (33.99%) | 29,319,161 (66.01%) |
Steven Latimer | 15,391,687 (34,65%) | 29,025,417 (65.35%) |
Christine Nicolau | 40,301,785 (90.74%) | 4,115,319 (9.27%) |
Sean I. Waller | 14,503,286 (32.65%) | 29,913,818 (67.35%) |
In accordance with the Company's Majority Voting Policy, the Company anticipates that each of Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer and Sean I. Waller, will offer their resignation as a Director of the Company, as each of these persons received a greater number of votes withheld than votes in favor of their election as a Director. Following the Company's receipt of these resignations, the Company's Board of Directors will determine whether or not to accept the resignations in accordance with the Majority Voting Policy, with each of the Directors who have offered their resignation abstaining from the decision-making process.
For each of the Withheld Vote Directors, between 87% to 99% of the Withheld Votes were cast by Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Ltd. ("Fortescue"). In accordance with the Company's Majority Voting Policy, Fortescue's reasons for the Withheld Votes and the views of other Company stakeholders will be considered by the Board in determining whether to accept the resignations. The Company will provide a further update once the Board has consulted with all parties. The Board intends to complete this process as promptly as possible, and within the 90 days required pursuant to Toronto Stock Exchange Policies.
The Company's Executive Chair, Giulio Bonifacio, is currently in discussions with Fortescue regarding the Withheld Votes. Fortescue has advised that it believes a reconstituted Board would prove beneficial for the Company and will result in the further accelerated development of the Cañariaco Project. The Company is encouraged by Fortescue's desire to take a more active role and welcomes the opportunity to work with Fortescue as we further advance the Cañariaco Project. "The Cañariaco Project is a large scale, robust copper project and the involvement of Fortescue, a global mining company with deep experience in the development and operation of large scale base metal mines can only be seen as positive - we look forward to our discussions with Fortescue over the coming weeks", commented Mr. Bonifacio.
About Alta Copper
Alta Copper is focused on the development of its 100% owned Cañariaco advanced staged copper project. Cañariaco comprises 97 square km of highly prospective land located 102 km northeast of the City of Chiclayo, Peru, which includes the advanced stage Cañariaco Norte deposit, Cañariaco Sur deposit and Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru's prolific mining district. Cañariaco is one of the largest copper deposits in the Americas not held by a major.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the effective date of the consolidation and name change of the Company. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that forward-looking 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. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
On behalf of the Board of Alta Copper Corp.
"Giulio T. Bonifacio", Executive Chair and Director
For further information please contact:
Giulio T. Bonifacio, Executive Chair and Director
gtbonifacio@altacopper.com
+1 604 318 6760
or
Joanne C. Freeze, President, CEO and Director
jfreeze@altacopper.com
+1 604 512 3359
Email: info@altacopper.com
Website: www.altacopper.com
Twitter: https://twitter.com/Alta_Copper
LinkedIn: https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram: https://www.instagram.com/altacopper/
YouTube: https://www.youtube.com/@AltaCopper
SOURCE: Alta Copper Corp.
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