PRESS RELEASE
No. 2016-7
Corporate Update following the Annual and Special Meeting of Shareholders
Rouyn-Noranda, Canada, December 16, 2016: OREX EXPLORATION INC. ("Orex" or the "Corporation") held its annual and special meeting of shareholders on December 15. At this meeting, the shareholders approved the proposed slate of directors, re-appointed Raymond Chabot Grant Thornton, Chartered Professional Accountants as auditors of Orex for the financial year ending on June 30, 2017, approved an amendment to the Corporation's stock option plan and approved a resolution authorizing the Board of Directors to change the name of the Corporation. At the Board meeting following the shareholders meeting, the Directors appointed Jonathan Fitzgerald as new Chairman and Chief Executive Officer of Orex.
Directors and Officers and Board Committees:
The Directors of the Corporation are Marcel Faucher, Jean-Pierre Landry, Jacques Levesque, Claude Poulin, Robert Schafer, Jonathan Fitzgerald and Dany Cenac Robert. It is a first mandate for M. Fitzgerald and M. Cenac Robert.
Jonathan Fitzgerald is a senior Managing Director in the Investment Banking Department of Gravitas Securities Inc. of Toronto. Previously Mr. Fitzgerald co-founded Stope Capital Advisors, Inc. where he undertook merchant banking transactions in the mining, energy and agriculture sectors. Mr. Fitzgerald has more than 25 years of investment banking experience in which he sourced and executed a wide variety of complex transactions across multiple industries. Mr. Fitzgerald served as the Interim-CEO of Harvest Wind Limited, a development stage wind turbine manufacturer based in Oregon and as a Board member and/or adviser to Boston Poly Corporation, Epcylon Technologies, DayStar Technologies, Hesat Acquisition Corp., iSense Corporation and Trustwater PLC. Mr. Fitzgerald received a B.A. with Distinction from Bowdoin College, a MSc. (Econ) from The London School of Economics and an M.B.A. from the Wharton School, University of Pennsylvania. Mr. Fitzgerald is a Canadian and British citizen and lives in Toronto, Ontario.
Dany Cenac Robert is a specialist in sustainable motivation, training and the creation of sales forces. He is currently head of Promarket Network Inc. and serves on the board of directors of several companies in various fields such as management, human resources and general marketing. Following his B.B.A. degree and with a specialization in Entrepreneurship at HEC Montreal, he consulted with several emerging companies and SMEs. He also personally created or helped to create sales networks for national and international companies in telecommunication, healthcare/wellness, retail trade, banking and f travel sectors. As a certified trainer, he created various innovative approaches to increase team productivity and sales as well as the overall profitability.
At the Board of Directors meeting which followed immediately the shareholders meeting:
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Jonathan Fitzgerald was appointed Chairman and Chief Executive Officer (CEO), Jacques Levesque, Chief Financial Officer (CFO), and Julie Godard, Secretary;
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Claude Poulin, Marcel Faucher and Jonathan Fitzgerald were appointed as members of the Audit Committee; and
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Jean-Pierre Landry, Dany Cenac Robert and Jonathan Fitzgerald were appointed as members of the Compensation Committee.
Amendment to the Stock Option Plan and Grant of New Stock Options:
The amendment to the Corporation's Stock Option Plan that was presented and approved by shareholders is to increase at 20,000,000 the maximum number of common shares that can be issued following the exercise of stock options. The amendment is subject to the approval of the TSX Venture.
The Board of Directors has granted stock options to the new directors and CEO of the Corporation for a total of 3,000,000 stock options, at an exercise price of $0.05, expiring 5 years from the grant. Following this grant, the Corporation has 14,500,000 stock options issued and outstanding.
Name Change:
Shareholders have approved a special resolution which allows the Board of Directors to change the name of the Corporation. The name change will be discussed and approved by the Board in the following weeks and procedures will be undertaken to make it effective. More information will be provided in due course.
For further information, please contact:
Jacques Levesque, CFO Jonathan Fitzgerald, CEO
Cell.: 1-514-239-9592 Tel.: 1-208-720-9676
Tel.: 1-819-797-4354
[email protected]
Neither the TSX Venture Exchange nor its regulation service 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.