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Vancouver, British Columbia – QuestEx Gold & Copper Ltd. (TSX-V: QEX; OTCQX: QEXGF) (”QuestEx” or the “Company”) is pleased to announce that the proposed acquisition of all of the outstanding common shares of the Company by Skeena Resources Limited (“Skeena”) by way of plan of arrangement (the “Transaction”) was overwhelmingly approved at QuestEx’s annual general and special meeting of securityholders held on May 25, 2022 (the “Meeting”).
Report on Voting Results
The resolution approving the Transaction (the “Arrangement Resolution”) was required to be passed by: (i) the affirmative vote of at least two-thirds (66 2/3%) of the votes cast by QuestEx shareholders, optionholders and certain warrantholders, voting as a single class, present in person or represented by proxy at the Meeting (the “Securityholder Vote”) and (ii) a simple majority of the votes cast by disinterested shareholders (being shareholders other than Skeena, Newmont Corporation and Joseph Mullin) present in person or represented by proxy at the Meeting (the “Disinterested Shareholder Vote”). The detailed results of voting on the Arrangement Resolution are provided below:
|Votes For||Votes Against|
|Arrangement Resolution (Securityholder Vote)||31,189,509 (98.98%)||321,350 (1.02%)|
|Arrangement Resolution (Disinterested Shareholder Vote)||16,652,801 (98.11%)||321,350 (1.89%)|
The hearing of the application for a final order in respect of the Transaction is scheduled for May 30, 2022, or as soon thereafter as the application can be heard. Closing of the Transaction remains subject to the satisfaction or waiver of the closing conditions set out in the arrangement agreement with respect to the Transaction, including the satisfaction or waiver of the conditions precedent to the concurrent sale by Skeena of certain assets of QuestEx to Newmont Saddle Minerals Ltd.
QuestEx Gold & Copper Ltd. is exploring for gold and copper with a focus on the Golden Triangle and Toodoggone areas of British Columbia, Canada. It has a 100% ownership interest in one of the largest portfolios of mineral tenures in British Columbia’s metal-rich Golden Triangle. The portfolio includes the 312 square km KSP property, which is surrounded by some of the most important past and current mining and development projects in British Columbia (e.g. Eskay Creek, Snip, Brucejack, KSM, Johnny Mountain). In the northern corner of the Golden Triangle in the Red Chris mining district, QuestEx’s portfolio includes the Castle property, a porphyry copper-gold project located adjacent to Newmont’s Saddle property, and along trend of the Saddle North porphyry copper-gold deposit (more than 10 million ounces gold, in all categories). Other properties include North ROK, Coyote, and Kingpin in the Golden Triangle, Sofia in the Toodoggone district and Heart Peaks and Hit in other strategic districts within British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF QUESTEX GOLD & COPPER LTD.
Chief Executive Officer and Director
For more information:
T: (250) 768-1511
TF: (855) 768-1511
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