HALIFAX, NS / ACCESSWIRE / April 1, 2015 / Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) is pleased to report on the results of the Annual General Meeting held March 26, 2015.
Results of Annual and Special General Meeting
The Annual and Special General Meeting of Shareholders (the "Meeting") of the Company was held on March 26, 2015 in Halifax, Nova Scotia. At the Meeting, shareholders approved all resolutions put before them by management including the election of all director nominees, the appointment of the auditor, the approval of the Company's incentive stock option plan and IAMGOLD Corporation as a future 'control person'.
Total Voting Shares
A total of 39,690,929 shares representing 25.51% of the issued capital were voted at the annual meeting. No shares or proxies were disqualified.
Election of the Board of Directors
IAMGOLD Corporation Approved as 'control person'
In anticipation that the agreement in principle to settle outstanding exploration debt owed to IAMGOLD Corporation may result in IAMGOLD Corporation owing greater than 20% of the Company's issued shares, the shareholders approved the future contingency that IAMGOLD Corporation may become a control person.
Notwithstanding shareholder approval, the future debt settlement remains subject to compliance with TSX-V policies and TSX-V approval. (See news release January 27, 2015 for further details.)
Appointment of Auditors
The shareholders re-appointed Morgan LLP, Chartered Accountants, as the Company's auditor and authorized the directors to fix the auditors remuneration.
Incentive Stock Option Plan
The shareholders approved the Company's incentive stock option plan.
About Merrex Gold
Karita Permit, Guinea
Merrex was recently granted the Authorization for Exploration for the 100 km2 Karita permit area in Guinea. The Karita permit area is 100% owned by Merrex and hosts a significant piece of the Feloka-Boto-Diakha trend It is contiguous south of Boto and north of Diakha (see map 1 below). Planning is underway for an immediate reconnaissance mapping and sampling survey of the Karita permit area to facilitate planning of a Phase 1 exploration program.
Map 1 Karita Exploration Permit, Guinea
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Siribaya Gold Project, Mali
The Siribaya Gold Project is a jointly owned (50/50) Merrex-IAMGOLD advanced-stage gold exploration project in West Mali comprised of approximately 910 square kilometres of gold-prolific exploration permits and permit applications pending. Exploration of the Siribaya Gold Project is conducted under a joint management committee with IAMGOLD as the project operator. Expenditures to date on the Siribaya Project exceed $40 million.