January 14, 2018, VANCOUVER, CANADA – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to provide the results of the Annual General Meeting of shareholders held on December 19, 2018 (the “Meeting”).
At the Meeting, shareholders re-elected Toby Mayo, Lindsay Bottomer, Shastri Ramnath and Frank Anderson to the board. Shareholders also elected Murray Seitz and James Royall as directors, with the number of directors for the next year being set at six.
The Board of Directors reappointed Toby Mayo as President and CEO. Cyrus Driver was reappointed Chief Financial Officer and Lindsay Bottomer will continue as Lead Director. Terri Anne Welyki will continue in her role as VP Corporate Communications. The Audit Committee is comprised of Lindsay Bottomer (Chair), Frank Anderson and Murray Seitz.
In addition, shareholders reappointed the Company’s auditor, authorized the directors to fix the auditor’s remuneration and approved the Company’s stock option plan and issuance of stock options to insiders. For more information on these matters, please refer to Far Resources’ information circular, available on SEDAR (www.sedar.com).
The Company is pleased to welcome Mr. Murray Seitz and Mr. James Royall as independent board members.
Mr. Seitz has extensive public company experience at varying levels including as a director, audit committee member and advisor. He currently serves as a director of Altan Rio Minerals Limited, Altan Nevada Minerals Limited, both of which are listed on the TSX Venture Exchange. He has completed the Canadian Securities Course and holds a Bachelor of Business Administration degree.
“I'm excited to be joining the Far Resources team,” commented Mr. Seitz. “I'm confident my financial background and 18 years of public company experience will be a benefit to the company.”
Mr. Royall is an exploration geologist with over 20 years experience, including over a decade in senior positions with publicly traded mining companies. He currently serves as Vice President, Exploration of Pan Global Resources, a TSXV listed company and previously served as Chief Geologist of Georgian Mining Corp. and as Exploration Manager for Medgold Resources. When not directly employed by a mining company, Mr. Royall acts as an independent geologist, providing consulting services to junior mining companies in Spain, Georgia, Chad and Chile. He began his career with Rio Tinto. Mr. Royall holds a BSc (Hons) in Geological Sciences from Oxford Brookes University, England.
Mr. Royall stated, “I am very pleased to be given the opportunity to contribute technically at the board level to the Company’s future successes. I look forward to working with Far’s team to bring insight, help advance the projects and assess new opportunities.”
Reorganising capital structure
The Company is also pleased to announce that it is reorganising its option grants to directors, officers and consultants. It has cancelled 7,468,000 stock options priced at $0.295 and above. After accounting for the cancellations, the Company will have 1,600,000 options outstanding.
“Reorganising our options structure will allow the Company to provide positive incentives to the reinvigorated board and management,” stated Mr. Mayo, Far’s President. “I welcome the new board members and look forward to working with them to build shareholder value.”
Far Resources is a Canadian battery and technology minerals exploration and development company with exploration projects in Canada and the USA. More information on Far is available at www.farresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Toby Mayo, President and CEO
Terri Anne Welyki
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.