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Western Resources Corp T.WRX

Alternate Symbol(s):  WTRNF

Western Resources Corp. is a resource company. The Company is mainly focused on the development of its Milestone potash project (the Milestone Project) in Canada owned by its subsidiary, Western Potash Corp. (Western Potash). The Company owns a 100% interest in the Milestone Project located in the province of Saskatchewan under various property leases. The Milestone Project includes approximately 84,557 acres of Crown held mineral leases and 65,305 acres of acquired freehold leases. The Company is constructing Phase I of the Milestone Project. The Company also invested in real estate development projects in the Greater Vancouver Area through limited partnerships. The Company completed the drilling of 11 potash exploration wells on project property, completed several hundred-line kilometers of 2D seismic study, and conducted a 3D seismic study during the project exploration program. The Company has no mineral production that yields any revenue.


TSX:WRX - Post by User

Post by mdjbrownon Mar 15, 2021 9:55pm
281 Views
Post# 32805093

Western Resources shareholders elect six directors

Western Resources shareholders elect six directors

Western Resources shareholders elect six directors

2021-03-15 19:06 ET - News Release

Mr. Bill Xue reports

WESTERN RESOURCES REPORTS AGM RESULTS

Western Resources Corp. shareholders approved all items put before them at the company's annual general meeting (AGM) held in its Vancouver office and virtually on March 12, 2021. At the meeting, Western's shareholders:

 

  • Set the number of directors of the company at six;
  • Elected Wenye (Bill) Xue, Weimin Wang, Guy Bentinck, George Gao, Andrew Hancharyk, Yujia Ren to the board of directors;
  • Reappointed KPMG LLP as auditor of the company at a remuneration to be fixed by the directors;
  • Reapproved the company's rolling incentive stock option plan.

 

A total of 126,744,644 common shares, representing 67.82 per cent of the votes attached to all outstanding shares of the company as at the record date, were present in person or by proxy at the meeting.

The new board thereafter approved key board and management appointments, including reappointment of Mr. Xue as chairman of the board and chair of the executive committee; Mr. Gao as chair of the corporate disclosure policy committee, senior vice-president, corporate finance, and chief financial officer; Mr. Bentinck as chair of the audit committee; and Mr. Wang as chair of the compensation committee. Arthur Ma from China BlueChemical Ltd. and Hailin Yu from Guoxin International Investment Corp. Ltd. are reappointed as board observers. The board wishes to express its thanks to Fritz Venter and Alnesh Mohan, both of whom have contributed in their own ways to the development of the project and the company.

Western's chairman Mr. Xue said: "We want to thank all the contractors and suppliers for their continued support and understanding during this unique and challenging period to bring the Milestone project to fruition. Our special thanks goes to Archer Daniels Midland Company (ADM) for the 18-months extension to the binding offtake agreement commencement date of product delivery starting no later than Nov. 30, 2022. Our primary focus continues to be raising the financing to complete the remaining 15 per cent of the project. We are pleased with the continued progress during the past 10 months, where the project team overcame many challenges to successfully achieve its staged goals in mining performance. The mining parameters, cavern volumes and dissolution efficiency are trending toward the operational targets, which is key to securing financing. As the ongoing pandemic and overall market environment continues to affect financing, shareholders are reminded that there can be no certainty the company will predict a confirmed timeline for financing, although the company has mobilized all resources to that end."

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