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NextSource Materials Announces Results of Special Shareholder Meeting - Receives Approval for Completion of Vision Blue Resources' Investment
TORONTO, ON / ACCESSWIRE / May 18, 2021 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF...
About this update from Nextsource Materials Inc
[{"type":"text","content":"NextSource Materials Announces Results of Special Shareholder Meeting - Receives Approval for Completion of Vision Blue Resources’ InvestmentTORONTO, ON / ACCESSWIRE / May 18, 2021 / NextSource Materials Inc. (TSX:NEXT)(OTCQB:NSRCF) (\"NextSource\" or the \"Company\") is pleased to announce the results of the Special Meeting of Shareholders held on May 17, 2021 (the \"Meeting\") to seek approval of a resolution authorizing the Company to complete the second private placement (the \"Second Private Placement\") pursuant to the US$29.5 million investment agreement entered between the Company and Vision Blue Resources Limited (\"Vision Blue\") on February 8, 2021 (the \"Investment Agreement\"). Vision Blue is a battery commodity/resource-focused private investment company founded by Sir Mick Davis.As of April 5, 2021, which was the record date for the Meeting, there were 733,806,918 common shares of the Company issued and outstanding that were entitled to vote. A total of 395,204,855 common shares was represented in person or by proxy at the Meeting. The Company's shareholders, in accordance with the policies of the Toronto Stock Exchange, approved the Second Private Placement resolution by a majority of 87.80% of the votes cast excluding the 120,000,000 common shares held by Vision Blue. The Second Private Placement resolution authorizes a private placement of 232,142,857 units of the Company (the \"Units\"), consisting of 232,142,857 common shares in the capital of the Company and 232,142,857 common share purchase warrants (\"Warrants\") of the Company. Each Unit will be priced at C$0.07 per Unit for gross proceeds of approximately US$12.4 million. Each Warrant will entitle Vision Blue to purchase one additional common share of the Company at a price of C$0.10 per share for a period of two years following the closing of Second Private Placement.On behalf of the Board of Directors, Sir Mick Davis, Chairman of NextSource Materials and of Vision Blue Resources, commented:\"I, along with the entire board of NextSource, would like to thank our shareholders for their vote of confidence in Vision Blue's participation in the Company's strategic direction. With a solid foundation already in place, the Company is well-positioned for significant growth and increased shareholder value. Vision Blue's investment is just the first stage i...