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Canagold Announces Results of Special General Meeting of Shareholders, Closing of $1.5M in Charity Flow Through Financing
VANCOUVER, BC / ACCESSWIRE / October 20, 2022 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCU...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canagold Announces Results of Special General Meeting of Shareholders, Closing of $1.5M in Charity Flow Through FinancingVANCOUVER, BC / ACCESSWIRE / October 20, 2022 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CANA) (\"Canagold\" or the \"Company\") wishes to announce that at its Special General Meeting (\"SGM\") of shareholders held on October 17, 2022, the resolution to create a new control person (20% holder) of the Company (the \"Resolution\") was approved by disinterested shareholders. At the SGM, a total of 17,387,730 common shares were voted, representing 20.09% of the Company's issued and outstanding common shares as at the record date of June 6, 2022.The results of the SGM votes are as follows:Votes For the Resolution% ForVotes Withheld from approving the Resolution% Withheld16,948,36797.47%439,3632.53%As a result of the approval of the Resolution, Sun Valley Investments AG (\"Sun Valley\"), or any of its affiliates, may exercise or convert any convertible securities of the Company or make further acquisitions of securities of the Company, which would cause Sun Valley to beneficially own more than 20% of the issued and outstanding common shares of the Company.Disinterested shareholder approval of the Resolution was obtained in accordance with the rules of the Toronto Stock Exchange and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\").A total of 16,790,371 common shares of the Company held by Sun Valley prior to the SGM and any person acting in concert with Sun Valley were excluded from the calculation of the vote to approve the Resolution.Charity Flow-Through Financing ClosingThe Company also wishes to announce that it has arranged and closed the previously announced $1.5 million charity flow-through private placement (the \"Offering\") with Sun Valley. The Company has issued a total of 4,700,000 common shares of the Company (the \"FT Shares\") that qualify as charity flow-through shares for the purposes of the Income Tax Act (Canada) at a price of $0.32 per FT Share for total gross proceeds of $1,504,000.The Company intends to use the proceeds of the Offering for exploration activities at Company's New Polaris project.Prior to the closing of the Offering, Sun Valley beneficially owned 16,790,371 common shares representing 19.40% of the Compan...