VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) — Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) is pleased to announce that its shareholders approved all items put before them at the Company’s Annual General Meeting (“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, 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;
- Re-approved the Company’s rolling Incentive Stock Option Plan.
A total of 126,744,644 common shares, representing 67.82% 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 new Board 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 in their own ways to the development of the Project and the Company.
Western’s Chairman Bill Xue said, “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 months extension to the binding offtake agreement Commencement Date of product delivery starting no later than November 30, 2022. Our primary focus continues to be raising the financing to complete the remaining 15% of the Project. We are pleased with the continued progress during the past ten 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: firstname.lastname@example.org, website: www.westernresources.com and www.westernpotash.com.
About Western Resources Corp.
Western Resources Corp. (TSX: WRX) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency. The Phase I Project is about 85% complete and its construction is currently on hold due to financing. Once completed, it will form the basis for further expansion.
Cautions Regarding Forward-Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
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