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GrowMax Announces Results of Meeting

VANCOUVER , March 12, 2019 /CNW/ - GrowMax Resources Corp. ("GrowMax") (GRO:TSX.V) announces the results of voting at the annual and special meeting of shareholders held on March 8, 2019 (the "Meeting"). Shareholders holding a total of 172,294,634 shares were represented at the Meeting, representing 80.54% of the shares issued and outstanding.  The concerned shareholders, Kulwant Malhi and BullRun Capital Inc. are pleased to announce the appointment of the new directors to the board – Kulwant Malhi , Alfred Wong , Michael Sadhra and Pratap Reddy . In the other matters considered at the Meeting, PriceWaterhouseCoopers were reappointed as auditors and the new general by-law was approved.  The equity incentive plan and the advance notice by-law were struck down.

"We would like to thank shareholders for the tremendous support. With the proxy battle behind us, we can look forward to rebuilding the trust of shareholders and creating value for all shareholders. We remain committed to issuing a dividend upon review of the Company's assets and liabilities." said Kulwant Malhi .

The details of the voting results for the election of the directors and other matters on which a ballot was taken are set out below:




Resolution

Number of Shares Voted

Percentage of the
Shares Voted

Set the Number of Directors at 4

FOR 86,028,460

98.61%

Director Nominees



Kulwant Malhi

FOR 88,617,510

98.62%

Alfred Wong

FOR 88,622,308

98.62%

Michael Sadhra

FOR 88,617,510

98.62%

Pratap Reddy

FOR 88,622,308

98.62%

Equity Incentive Plan

AGAINST 101,158,130

59.45%(1)

Advance Notice Bylaw

AGAINST 96,989,439

57.00%

(1)

78.05% when the votes of insiders were excluded.

 

Following the Meeting, members of the new Board met with management to discuss the transition to the new Board. The new Board will be moving quickly to identify new strategic acquisitions to deliver on increasing shareholder value.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE GrowMax Resources Corp.


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