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Winnipeg, Manitoba--(Newsfile Corp. - October 6, 2021) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) held its Annual and Special Shareholders Meeting in Winnipeg on October 5, 2021. The proposed management slate of Directors - Samuel Pelaez, George Mannard, Douglas Reeson, Hamid Mumin, and MaryAnn Mihychuk - were elected to the Board.
At a Directors Meeting, Messrs. Samuel Pelaez and Douglas Reeson were appointed officers. An Audit Committee and a Corporate Governance, Compensation and Nominating Committee were also constituted.
The Company intends to implement certain amendments to its incentive stock option plan (the "Plan") in accordance with Policy 4.4 - Incentive Stock Options of the TSX Venture Exchange ("TSXV") to increase the number of shares authorized for issuance under the Plan.
The Plan is a fixed stock option plan that, together with all of the Company's other previously established stock option plans or grants, could not result at any time in the number of common shares reserved for issuance under stock options exceeding 10% of the issued shares as at the date of implementation of the stock option plan, specifically 5,750,000 reserved shares. As of the date hereof, the Company has an aggregate of 2,980,000 stock options issued and outstanding under the Plan, representing approximately 5.1% of the Company's issued and outstanding common shares.
Pursuant to Policy 4.4 of the TSXV, the amendment to the Plan does not require shareholder approval at the time the amendment is to be implemented. The amendment to the Plan as described herein remains subject to the final acceptance of the TSXV.
About Gossan Resources:
Gossan Resources Limited holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The Company's focus is the exploration of its drill-ready Glitter Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company also holds a gold initiative with the Gander Gold Property in Newfoundland as well as a broadly diversified portfolio of multi-element properties. These properties are prospective for hosting gold, base metals and platinum group elements, as well as specialty "green-battery metals", nickel, cobalt, vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds advance and production royalty interests in a high-purity silica sand deposit. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and currently has 57,930,400 Common Shares outstanding.