Southern Silver Exploration Corp. (TSX.V: SSV) (“Southern Silver” or the “Company”) reported that the following directors were re-elected at its annual general meeting held on September 4, 2020: Lawrence Page, Q.C., D. Roger Scammell, Eugene Spiering, Nigel Bunting, Larry Buchanan, Peter Cheesbrough, Gina Jones and Donald Head. In addition, the shareholders re-appointed Smythe LLP, Chartered Accountants, as auditor of Southern Silver and approved Southern Silver’s rolling incentive stock option plan pursuant to which a maximum of 10% of the issued shares will be reserved for issuance under the plan. The plan is subject to TSX Venture Exchange acceptance.
Shareholders also approved the purchase of Electrum Global Holdings L.P.’s 60% ownership interest in Southern Silver Holdings Limited and indirect 60% interest in the Cerro Las Minitas Property located in Durango, Mexico. More details of this transaction are included in the Company’s news release of June 22, 2020 as well as in the information circular for the annual general meeting filed on SEDAR. This transaction is subject to TSX Venture Exchange acceptance and is expected to close shortly.
At the annual general meeting, shareholders also resolved to adopt a Shareholder Rights Plan to ensure the fair treatment of all Southern Silver shareholders in the event of an unsolicited take-over bid for the outstanding common shares of the Company. In the event that a take-over bid should occur, the Shareholder Rights Plan provides a mechanism to ensure that shareholders have adequate time to properly evaluate and assess it without facing undue pressure or coercion. The Shareholder Rights Plan also provides the board of directors with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximize shareholder value. Accordingly, the Shareholder Rights Plan is not designed to prevent take-over bids that treat the Company’s shareholders fairly. A copy of the Shareholder Rights Plan Agreement will be available under Southern Silver’s profile on SEDAR at www.sedar.com. Reference should be made to the full text of the plan for the details of its provisions. The Shareholder Rights Plan is subject to TSX Venture Exchange acceptance.
The following officers were re-appointed subsequent to the annual general meeting: Lawrence Page, Q.C. as President, Robert Macdonald as Vice President, Exploration, Graham Thatcher as Chief Financial Officer, and Arie Page as Corporate Secretary.