Canstar Announces Annual General Meeting Results
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Canstar Announces Annual General Meeting Results
Toronto, Ontario – December 6, 2022 – CANSTAR RESOURCES INC. (TSXV: ROX & OTCPK:
CSRNF) (“Canstar” or the “Company”) reports the results from all matters submitted to shareholders
at the Company’s annual general meeting of shareholders held on December 5, 2022 (the “Meeting”).
All of the management nominees for election of director were elected and MNP LLP was re-appointed
as the Company’s auditor.
The resolution pertaining to the approval of the rolling stock option plan of the Company was not
approved by a majority of shareholders represented at the Meeting. The board of directors of the
Company expects to approve a resolution modifying the prior rolling stock option plan of the Company
to a 10% fixed stock option plan (the “Fixed Plan”), which is permitted by the policies of the TSX
Venture Exchange (the “TSXV”) and does not require shareholder approval under TSXV policies. The
number of common shares of the Company (“ Common Shares”) reserved for issuance under the
Fixed Plan is expected to be 11,025,366 Common Shares which is 10% of the number of Common
Shares outstanding on the Meeting date. Any grant of stock options under the Fixed Plan is subject to
the terms and conditions prescribed by the TSXV, and applicable securities laws.
The terms of the Fixed Plan will be substantially similar to the stock option plan that was appended to
information circular dated October 19, 2022 pertaining to the Meeting, however the number of shares
issuable under the Fixed Plan will be fixed at 11,025,366 Common Shares and the Fixed Plan will not
include a net exercise provision. The purpose of th e Fixed Plan will be to continue the outstanding
stock options that were granted under the previous stock option plan and to advance the interests of
the Company to provide eligible persons under the Fixed Plan with incentives and to encourage stock
ownership of such persons. The Fixed Plan will be the only security-based compensation plan that
the Company maintains at the time of adoption of the Fixed Plan. Any stock options outstanding under
the previous stock option plan will be governed by the Fixed Plan. The Fixed Plan is subject to the
approval of the TSXV.
About Canstar Resources Inc.
Canstar Resources has a very experienced technical team and board who are focused on new mineral
discoveries in Newfoundland, Canada. Central Newfoundland has emerged as one of the most
exciting gold exploration districts due to recent high-grade orogenic gold discoveries along crustal
scale fault corridors. The Company is focused on gold exploration on 939 km2 of mineral claim licenses
in south-central Newfoundland, including the Golden Baie project which has multiple high- grade gold
anomalies at surface along 40 km of strike and near-surface drilling confirming the presence of high-
grade orogenic gold. The Company also holds the Buchans -Mary March project in central
Newfoundland.
Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under
the symbol ROX and trades on the OTCPK under the symbol CSRNF.
For further information, please contact:
Rob Bruggeman, President & CEO
Email: [email protected]
Phone: 1-647-247-8715
Website: www.canstarresources.com
220 Bay Street
Suite 550
Toronto, ON M5J 2W4
TSX-V: ROX
OTCPK: CSRNF
www.canstarresources.com
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Forward-Looking Statements
Neither 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 release.
This News Release includes certain "forward -looking statements" which are not comprised of historical facts.
Forward looking statements include estimates and statements that describe the Company’s future plans,
objectives or goals, including words to the effect that the Com pany or management expects a stated condition
or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”,
“expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward -looking statements are based on
assumptions and address future events and conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties
and other factors involved with forward -looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or implied by such forward -looking
information. Forward looking information in this news release includes, but is not limited to, the approval of the
Fixed Plan, the number of Common Shares issuable under the Fixed Plan, the Company’s objectives, goals or
future plans, statements, exploration results, potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and estimates of market
conditions. Factors that could cause actual results to differ materially from such forward - looking information
include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources
to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental
or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other
indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future,
changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying significantly from estimates and the other risks
involved in the mineral exploration and development industry, an inability to predict and counteract the effects
of COVID-19 on the business of the Company, including but not limited to the effects of COVID -19 on the price
of commodities, capital market conditions, restriction on labour and international travel and supply chains, and
those risks set out in the Company ’s public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward -looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only ap plies as of the date of this
news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
The Company disclaims any intention or obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, other than as required by law.