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Rio2 Gets Approval for Issuing Shares in Lieu of Salaries
VANCOUVER, British Columbia, March 27, 2023 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) announces that the di
About this update from Rio2 Limited
[{"type":"text","content":" VANCOUVER, British Columbia, March 27, 2023 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) announces that the disinterested shareholders of the Company have approved the security based compensation to non-arms’ length parties previously announced on January 5, 2023 at the Company’s special meeting of shareholders (the “Meeting”) held earlier today (the “Disinterested Shareholder Approval”). Further disclosure on the matters approved at the Meeting can be found in the Management Information Circular dated February 15, 2023, on Rio2’s SEDAR profile at www.sedar.com. Voting Results The Security Based Compensation (as defined below) for services to certain non-arm’s length parties to the Company was approved by 99.00% of the votes cast by disinterested shareholders. Votes for % for Votes against % Against 87,712,941 99.00% 890,324 1.00% The Company has entered into shares for services agreements (collectively, the “Shares for Services Agreements”) with certain directors, employees, and consultants. Pursuant to the Shares for Services Agreements, such directors, employees and consultants will receive all or a portion of their director fees, wages, or consultancy fees for the period from January 1, 2023 to December 31, 2023 in common shares of the Company (the “Security Based Compensation”), with the remaining amount, if any, to be satisfied in cash. The common shares will be issued quarterly and will be subject to a four-month and one-day hold period commencing upon the date of issuance. Under the Shares for Services Agreements, the deemed price per common share to be issued will be no less than the volume weighted average closing price of the Company’s common shares on the last three trading days of each quarter, provided that in any event, the price will not be lower than the discount permitted under applicable TSX Venture Exchange policies. The total value of the Security Based Compensation that the Company intends to issue is up to $750,000. As the directors are Non-Arm’s Length Parties to the Company (as that term is defined in the TSXV policies), the issuance of the Security Based Compensation to the directors must be approved by the majority of disinterested Shareholders. Alex Black, Klaus Zeitler, Andrew Cox, Ram Ramachandran, Sidney Robinson, Drago Kisic and A...