- The New Board of Directors want to assure all shareholders that your long suffering is now over, and the new board of Scott Taylor, Pierre-Yves Tenn and Andrew Lyons has already started working on building shareholder value and trust
- Creation and execution of an aggressive technical work program focused on the company’s three critically important lithium assets
- Building both domestic and foreign partnerships to maximize shareholder returns
- Create enhanced market recognition of the Company’s valuable lithium assets, including a name change which has already been filed and will include “lithium” its title
VANCOUVER, British Columbia, Dec. 13, 2021 (GLOBE NEWSWIRE) -- FAR Resources Ltd (CSE:FAT) (FSE:F0R) (OTC Pink:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”). In the largest shareholder vote turnout in the Company’s history, with over 52% of shares in attendance, shareholders elected an alternate slate of director nominees put forward by a group of concerned shareholders. In a massive show of support for critical change, over 78 million shares or over 96% of the shares in attendance were voted in favor of nominees Scott Taylor, Pierre-Yves Tenn and Andrew Lyons. In contrast, the former Board’s nominees including incumbents Mssrs Gammack and Dinning received nominal support with under 4% of shares voted supporting their re-election. The company intends to file the audited vote results from the AGM on SEDAR. Following the shareholders meeting the new board of directors held their first Board meeting where they appointed Mr. Scott Taylor to the role of President and Chief Executive Officer.
Following his appointment as President and CEO Mr. Taylor stated that the election of the new board of directors was a watershed moment for long suffering shareholders. He pledged that shareholders will immediately see a change in behavior by management and the Board of the Company.
Mr. Taylor went on to say, “As a shareholder, I was totally frustrated with the previous Board’s complete lack of progress. I am confident in the new Board and in the plans that Pierre, Andrew and myself had laid out for the company in our proxy materials. It is now abundantly clear that the positive, value focused message resonated with the majority of shareholders. I’m extremely pleased to see the high voter turn-out and the overwhelming shareholder support afforded the new Board and our plans for FAR.
“I’m also pleased to announce that we’ve filed for a name change for FAR and “Lithium” will be reflected in the Company’s new name to reinforce our commitment to be a leading domestic supplier of this critical battery metal. We will be re-branding and taking advantage of the hyper-demand in the EV market and intend to become a growing key player within the North American strategic battery metals market. The Company is hyper-focused in continued exploration and growth on its three lithium properties, Zoro and Jean Lake located in Snow Lake, Manitoba, and Hidden Lakes in the Northwest Territories.
“My immediate plans are to meet with our geologists Mark Fedikow and Lindsay Bottomer this week to determine a specific execution strategy for Q1 of 2022. I anticipate we will immediately engage with our friendly neighbors, Snow Lake Resources who recently had a very successful IPO on the Nasdaq (ticker: LITM) raising $27.5USD Million @ $7.50 a share. FAR ’s Jean Lake spodumene and beryl lithium pegmatite dykes are situated within the Thompson Brother’s Lithium Trend and adjacent to the crustal scale Crowduck Bay Fault. We anticipate finding mutually beneficial synergies with Snow Lake Resources that will deliver rapid, economical development of FAR’s valuable lithium assets. I am privileged to have the opportunity to build a valuable lithium company and increase shareholder value. Let’s get to work!”
Far Resources is an energy tech company driven to being one of the first North American Companies committed to produce high quality battery-grade lithium hydroxide domestically to fuel the electric vehicle battery market. Given the importance and global focus on increasing energy decarbonization, especially when it comes to vehicles, The Company is hyper-focused in continued exploration and growth on its three lithium properties, Zoro and Jean Lake located in Snow Lake, Manitoba, and Hidden Lakes in the Northwest Territories. Far Resources also holds assets in precious commodities with its Winston Gold/Silver Project in New Mexico, USA.
For Further Information Please Contact:
President and CEO
Far Resources Ltd.
1 604 330-8067
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.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, 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 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.