METALORE ANNOUNCES AGM RESULTS AND NCIB PROPOSAL
September 27, 2021, Press Release SIMCOE, ONTARIO -- Metalore Resources Limited (TSXV:MET) ("Metalore" or the "Company") is pleased to announce the results of its recent annual general meeting of shareholders ("AGM"), which was held on September 25, 2021.
A total of 1,234,939 common shares (69.57% of the votes attached to all outstanding common shares as at the record date) were represented at the AGM. All the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and information circular dated September 1, 2021, were approved by the requisite majority of votes cast at the AGM.
Shareholders approved setting the size of the Board to five directors as follows: Armen Chilian, Donald Bryson, Timothy Cronkwright, Bruce Davis and John McVicar. Following the AGM, the Board appointed Armen Chilian as President and Chief Executive Officer, and Donald Bryson as Chief Financial Officer.
PROPOSED SHARE BUYBACK PROGRAM
Metalore has submitted a notice of intention to undertake a normal course issuer bid ("NCIB") to the TSX Venture Exchange in connection with the purchase by Metalore of a percentage of its common shares. The Company has proposed the NCIB to the Exchange because it believes the market price for its common shares does not fully reflect the underlying value of the Company's business and its future prospects. Accordingly, the Company believes purchasing its common shares represents an opportunity to enhance shareholder value.
About Metalore Resources Limited
From 1965 to present Metalore has produced over $50 million in revenues from natural gas production in Southwestern Ontario. Revenues generated from natural gas sales have enabled the Company to explore Northwestern Ontario for gold, copper, zinc, lithium, PGE's and diamonds without dilution to its share structure (currently 1,775,035 shares outstanding). The Company remains actively involved in joint venture exploration with Greenstone Gold Mines (Equinox Gold Corp (60%) and Orion Mine Finance Group (40%)) on the Brookbank gold properties, Thunder Bay mining district.
For further information contact:
Armen Chilian P.Geo. President /CEO (519) 428 - 2464 www.metaloreresources.ca/contact