Falco Announces Election of Directors
For Immediate Release TSX.V - FPC
FALCO ANNOUNCES ELECTION OF DIRECTORS
(November 20, 2020) Montreal, Québec - Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) announces that the seven (7) nominees listed in the management information circular dated October 13, 2020, were elected as directors of Falco.
Detailed results of the vote for the election of directors held at the annual meeting of shareholders on November 18, 2020 are set out below:
| ITEM No1 Nominee | Votes Cast FOR | Percentage (%) | Votes WITHHELD | Percentage (%) | ||
|---|---|---|---|---|---|---|
| of Votes Cast | of Votes | |||||
| FOR | WITHHELD | |||||
| Benoit Brunet | 77,553,067 | 98,84 | 911,102 | 1,16 | ||
| Mario Caron | 77,508,061 | 98,78 | 956,108 | 1,22 | ||
| Bryan A. Coates | 77,625,421 | 98,93 | 838,748 | 1,07 | ||
| Paola Farnesi | 77,535,161 | 98,82 | 929,008 | 1,18 | ||
| Luc Lessard | 77,630,061 | 98,94 | 834,108 | 1,06 | ||
| Angelina Mehta | 77,657,163 | 98,97 | 807,006 | 1,03 | ||
| Chantal Sorel | 77,657,163 | 98,97 | 807,006 | 1.03 |
Appointment and Remuneration of Auditor
Based on the proxies received and the votes on a show of hands, PricewaterhouseCoopers, LLP, Chartered Professional Accountants, was appointed as independent auditor of the Corporation for the ensuing year and the directors are authorized to fix their remuneration, with the following results:
| ITEM No2 | Votes cast FOR | Percentage (%) of Votes Cast FOR | Votes WITHHELD | Percentage (%) of Votes WITHHELD |
|---|---|---|---|---|
| Appointment and Remuneration of Auditor | 79,754,655 | 98.65 | 1,095,183 | 1.35 |
Long-Term Incentive Plan Resolution
Based on the proxies received and the votes on a show of hands, shareholders approved the ordinary resolution with respect to the approval of the Corporation’s existing long-term incentive plan (“LTIP”). The results are as follows:
| ITEM No3 | Votes cast FOR | Percentage (%) of Votes Cast FOR | Votes AGAINST | Percentage (%) of Votes AGAINST |
|---|---|---|---|---|
| Ordinary resolution to approve the Corporation’s existing LTIP | 74,813,208 | 95.35 | 3,650,961 | 4.65 |
Grant of Stock Options
The Corporation also announces that the Board of Directors approved the grant of incentive stock options to directors, officers and key employees to purchase up to an aggregate of 6,076,000 common shares in the capital stock of the Corporation. Grants are subject to a three-year vesting period and a five-year term at an exercise price of $0.45 per share, representing a $0.06 (15.4%) premium over the closing price of the common shares of the Corporation listed on the TSX Venture Exchange on November 20, 2020.
About Falco
Falco is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 70,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda (now Glencore Canada Corporation) from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko is the largest shareholder of the Corporation and currently owns 18.3% of the issued and outstanding shares of the Corporation. Osisko has announced that it intends to transfer its share ownership to its new subsidiary Osisko Development Corp. while retaining its silver stream interests.
For further information, please contact:
Luc Lessard President and Chief Executive Officer 514-261-3336 [email protected]
Jeffrey White, LL.B, MBA Director, Investor Relations 416-274-7762 [email protected]
Amélie Laliberté Coordinator, Investor Relations 418-455-4775 [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.