A total of 113,027,335 Common Shares, representing 76.68% of the issued and outstanding Common Shares, were represented in person or by proxy at the Meeting. All matters presented for approval at the Meeting were duly authorized and approved as follows:
Item of Business | Votes For | Votes Withheld/Against |
Fixing the number of directors of the Company at four | 109,834,238 (100%) | 0 (0%) |
Appointment of | 109,834,238 (100%) | 0 (0%) |
Election of directors of the Company | See below | See below |
Approving the Company's Amended and Restated Option Plan | 109,834,238 (100%) | 0 (0%) |
Continuance Resolution | 109,828,238 (99.99%) | 6,000 (0.01%) |
Amendments to the Company's QT Escrow Agreement | 71,517,046 1 (100%) | 0 (0%) |
Amendments to the Company's IPO Escrow Agreement | 107,924,238 2 (100%) | 0 (0%) |
Notes: | |
(1) | 38,317,192 Common Shares held by interested Shareholders were excluded from voting in accordance with the policies of the Exchange. |
(2) | 1,910,000 Common Shares held by interested Shareholders were excluded from voting in accordance with the policies of the Exchange. |
Details regarding the voting results in respect of the election of directors and certain special meeting matters are provided below.
Election of Directors
The following four director nominees, each being an existing director of the Company, were unanimously re-elected as directors of Prairie Storm, and will hold office until the Company's next annual meeting of Shareholders or until their successor is duly elected or appointed:
Director Nominee | Votes For | Votes Withheld |
109,834,238 (100%) | 0 (0%) | |
109,834,238 (100%) | 0 (0%) | |
109,834,238 (100%) | 0 (0%) | |
109,834,238 (100%) | 0 (0%) |
Continuance of the Company
At the Meeting, Shareholders approved a special resolution (the "Continuance Resolution") authorizing and approving the continuance (the "Continuance") of the Company from the Province of
Notwithstanding the approval of the Continuance Resolution by Shareholders, the Continuance Resolution provides that the Company's board of directors may, in its sole discretion, revoke the Continuance Resolution and determine the timing of and/or abandon the proposed Continuance without further approval or action by or prior notice to Shareholders.
Amendments to the Escrow Agreements
In accordance with recent changes to Policy 2.4 – Capital Pool Companies of the
The proposed amendments to the Escrow Agreements would reduce the length of the escrow period to which such escrowed Common Shares are subject to under the applicable Escrow Agreement, from 36 months (as provided for in Policy 2.4 as at
Release Dates | Percentage to be Released |
Date of Final QT Exchange Bulletin ( | 25% |
Date 6 months following Final QT Exchange Bulletin ( | 25% |
Date 12 months following Final QT Exchange Bulletin ( | 25% |
Date 18 months following Final QT Exchange Bulletin ( | 25% |
The proposed amendments are subject to the final approval of the Exchange and the execution of amending agreements reflecting the foregoing change. The accelerated release schedule will only affect those Shareholders holding escrowed Common Shares that execute an amending agreement.
About
Prairie Storm is a Canadian oil company focused on sustainable growth of its high netback, low decline oil assets through waterflood enhanced recovery methods and exploitation of the bioturbated Cardium formation. Prairie Storm has no debt and a positive working capital position. The Common Shares trade on the
FORWARD LOOKING-INFORMATION AND ADVISORIES
Forward-looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to: statements with respect to the Company's receipt of a Certificate of Continuance, the completion and timing of the Continuance, the proposed amendments to the Escrow Agreements and the TSXV's acceptance of such amendments. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Prairie Storm, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Prairie Storm has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release speaks only as of the date of this news release, and Prairie Storm does not assume any obligation to publicly update or revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither the
SOURCE
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