Western Resources reports AGM results

by | Mar 16, 2021 | Industry News | 0 comments

Western Resources Corp. (TSX: WRX) is pleased to announce that its shareholders approved all items put before them at the company’s AGM held in its Vancouver office and virtually on March 12, 2021. At the meeting, Western’s shareholders:

– Set the number of directors of the company at six (6);
– Elected Wenye (Bill) Xue, Weimin Wang, Guy Bentinck, George Gao, Andrew Hancharyk and Yujia Ren to the Board of Directors;
– Re-appointed KPMG LLP as auditor of the company at a remuneration to be fixed by the directors; and
– Re-approved the company’s rolling Incentive Stock Option Plan.
– A total of 126,744,644 common shares, representing 67.82 per cent of the votes attached to all outstanding shares of the company as at the record date, were present in person or by proxy at the meeting.

The elected board members thereafter approved key board and management appointments, including re-appointment of Mr. Bill Xue as chairman of the board and chair of the executive committee; Mr. George Gao as Chair of the Corporate Disclosure Policy Committee, senior vice-president, corporate finance and chief financial officer; Mr. Guy Bentinck’s re-appointment as chair of the Audit Committee and Mr. Weimin Wang as chair of the Compensation Committee. Mr. Arthur Ma from China BlueChemical Ltd. and Mr. Hailin Yu from Guoxin International Investment Corp. Ltd. are re-appointed as board observers. The board wishes to express its thanks to Mr. Fritz Venter and Mr. Alnesh Mohan, both of whom have contributed to the development of the project and the company.

“We want to thank all the contractors and suppliers for their continued support and understanding during this unique and challenging period to bring the Milestone Project to fruition. Our special thanks goes to Archer Daniels Midland Company (“ADM”) for the 18 month extension to the binding offtake agreement commencement date of product delivery starting no later than November 30, 2022,” said Bill Xue, Western’s chairman. “Our primary focus continues to be raising the financing required to complete the remaining 15 per cent of the project. We are pleased with the continued progress during the past 10 months, where the project team overcame many challenges to successfully achieve its staged goals in mining performance. The mining parameters, cavern volumes and dissolution efficiency are trending toward the operational targets which is key to securing financing. As the ongoing pandemic and overall market environment continues to affect financing, shareholders are reminded that there can be no certainty the company will predict a confirmed timeline for financing, although the company has mobilized all resources to that end.”

For more information on Western Resources Corp. or the Milestone Potash Project, please refer to its SEDAR profile at www.sedar.com or contact Tel: 604-689-9378, email: moc.s1618764919ecruo1618764919sernr1618764919etsew1618764919@ofni1618764919, website: www.westernresources.com and www.westernpotash.com.