MEGASTAR DEVELOPMENT CORP.
#1450 - 789 W. Pender Street, Vancouver, BC, Canada V6C 1H2
Tel.: (604) 681-1568, Fax: (604) 681-8240
Toll Free: 1-877-377-6222
www.megastardevelopment.com
TSX-V: MDV Frankfurt: M5 QN
"NEWS RELEASE"
RESULTS OF ANNUAL GENERAL MEETING
Vancouver, BC, Canada, August 24, 2016 - Megastar Development Corporation ("Megastar", the "Company" or "MDV") (TSX-V: MDV; Frankfurt: M5QN) wishes to announce that the nominees listed in the management proxy circular for the 2016 Annual General Meeting of Shareholders held on August 24, 2016 were elected as directors of the Company for the ensuing year. The scrutineer reported that there were no registered shareholders present in person, and 36 shareholders represented by proxy, holding 8,492,308 shares, for a total of 36 shareholders in person or represented by proxy, holding an aggregate of 8,492,308 shares. This represents 29.29% of the total 28,996,716 shares issued and outstanding. Detailed results of the vote for directors of the Company are shown below:
|
Nominee
|
Votes For
|
% For
|
Votes Withheld
|
% Withheld
|
|
Dusan Berka
|
8,472,683
|
99.77%
|
19,625
|
0.23%
|
|
Christiaan Staargaard
|
8,492,183
|
100.00%
|
125
|
0.00%
|
|
Jonathan M. Rich
|
8,190,058
|
96.44%
|
302,250
|
3.56%
|
|
Paul A. Smith
|
8,190,058
|
96.44%
|
302,250
|
3.56%
|
In addition, Shareholders approved, subject to acceptance by the TSX Venture Exchange, the Company's 2016 Incentive Stock Option Plan. Shareholders also approved re-appointment of Davidson & Co. LLP, Charter Accountants as auditors for the ensuing year and authorized the Directors to fix their remuneration. Shareholders also ratified, confirmed and approved the Advance Notice Policy.
At the directors meeting following the AGM, long-time serving Company director Chris Staargaard, P. Geo has tendered his resignation from the board to pursue other interests. "The board of directors wishes to express sincere thanks to Mr. Staargaard for his many contributions to the Company over the years, and wishes him continued success in all of his endeavours", said Dusan Berka, President & CEO.
Mr. Berka was re-elected as the Company's President and Chief Executive Officer, and Ms. Zara Kanji as Chief Financial Officer and Corporate Secretary. The Audit Committee members for the ensuing year are Dusan Berka, Paul A. Smith and Jonathan M. Rich.
The Board of Directors would like to thank the Company's shareholders for their patience and continued support throughout the past year.
ABOUT MEGASTAR DEVELOPMENT CORP.
Megastar Development Corp. is an emerging resource company engaged in the evaluation, acquisition, exploration and development of mineral properties. Megastar owns mineral properties in Quebec and British
2
Columbia. For further information, investors and shareholders are invited to visit the Company's website at www.megastardevelopment.com or contact Dusan Berka, P. Eng., President & CEO at 604-681-1568, or toll free at 1-877-377-6222.
ON BEHALF OF THE BOARD OF DIRECTORS
"DUSAN BERKA"
Dusan Berka, P. Eng. President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.