Vortex Metals Announces Results of Agm and Adoption of New Equity Incentive Plan
VORTEX METALS ANNOUNCES RESULTS OF AGM AND
ADOPTION OF NEW EQUITY INCENTIVE PLAN
VANCOUVER, BC
,
July 18, 2023
/CNW/ -
Vortex Metals Inc.
(TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) ("
Vortex
" or the "
Company
") is
pleased to announce the results of its annual general meeting of shareholders (the "
Meeting
") held on
July 10, 2023
in
Vancouver
, British
Columbia. All resolutions proposed at the Meeting were duly passed. The resolutions at the Meeting consisted of the following: (1) election of
all the director nominees,
Michael Williams
,
John Larson
,
Vikas Ranjan
and
Cale Thomas
to the board of directors of the Company; (2) re-
appointment of Davidson & Co. LLP as auditor of the Company for the ensuing year and authorization of the directors to fix its remuneration;
and (3) approval of a new equity incentive plan (the "
New
Plan
").
The New Plan allows the board of directors to grant such number of stock options of the Company up to 10% of the issued and outstanding
common shares of the Company at the time of grant. The New Plan includes, among other things:
specific restrictions with respect to adjustments to security based compensation. Any adjustment to stock options granted (except in
relation to a consolidation or share split) is subject to the prior acceptance of the TSXV;
Investor Relations Service Providers may not receive any security based compensation other than stock options; and
allowing for option holders to exercise options on a "Cashless Exercise" or "Net Exercise" basis.
The Company has 4,757,100 stock options currently outstanding under the New Plan and 1,250,905 remain available for grant. All options
granted under the Company's previous option plan are now subject to the New Plan without any action required on the part of the option
holders.
A copy of the New Plan is attached to the management information circular for the Meeting, a copy of which was filed on SEDAR on
June 9,
2023
.
About Vortex Mines Inc.
Vortex Metals Inc. is the parent company of Mexican subsidiary Empresa Minera Acagold, S.A. de C.V., which is the owner of a 100% interest
in two drill-ready high-potential copper-gold volcanogenic massive sulfide (VMS) properties (
Riqueza Marina
and
Zaachila
) in the state of
Oaxaca
, and a third high-potential gold property (El Rescate) in the state of
Puebla
. The
Oaxaca
projects incorporate the most highly
prospective areas of high-grade copper mineralized surface exposures ('gossans') and prominent gravity anomalies along an emerging copper-
gold VMS belt that includes Minaurum Gold's (TSXV:MGG)
Santa Marta
project.
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SOURCE
Vortex Metals
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For further information:
Vikas Ranjan, Chief Executive Officer and Director, Email: [email protected], Phone: 416-605-7024
CO: Vortex Metals
CNW 07:00e 18-JUL-23