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Falco Announces Election of Directors

20.11.2020  |  GlobeNewswire

MONTREAL, Nov. 20, 2020 - Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) announces that the seven (7) nominees listed in the management information circular dated October 13, 2020, were elected as directors of Falco.

Detailed results of the vote for the election of directors held at the annual meeting of shareholders on November 18, 2020 are set out below:

ITEM No1
Nominee
Votes Cast
FOR
Percentage (%)
of Votes Cast
FOR
Votes
WITHHELD
Percentage (%)
of Votes
WITHHELD
Benoit Brunet 77,553,067 98,84 911,102 1,16
Mario Caron 77,508,061 98,78 956,108 1,22
Bryan A. Coates 77,625,421 98,93 838,748 1,07
Paola Farnesi 77,535,161 98,82 929,008 1,18
Luc Lessard 77,630,061 98,94 834,108 1,06
Angelina Mehta 77,657,163 98,97 807,006 1,03
Chantal Sorel 77,657,163 98,97 807,006 1.03


Appointment and Remuneration of Auditor

Based on the proxies received and the votes on a show of hands, PricewaterhouseCoopers, LLP, Chartered Professional Accountants, was appointed as independent auditor of the Corporation for the ensuing year and the directors are authorized to fix their remuneration, with the following results:

ITEM No2 Votes cast
FOR
Percentage (%)
of Votes Cast
FOR
Votes
WITHHELD
Percentage (%)
of Votes
WITHHELD
Appointment and Remuneration of Auditor 79,754,655 98.65 1,095,183 1.35


Long-Term Incentive Plan Resolution

Based on the proxies received and the votes on a show of hands, shareholders approved the ordinary resolution with respect to the approval of the Corporation’s existing long-term incentive plan (“LTIP”). The results are as follows:

ITEM No3 Votes cast
FOR
Percentage (%)
of Votes Cast
FOR
Votes
AGAINST
Percentage (%)
of Votes
AGAINST
Ordinary resolution to approve the Corporation’s existing LTIP 74,813,208 95.35 3,650,961 4.65


Grant of Stock Options

The Corporation also announces that the Board of Directors approved the grant of incentive stock options to directors, officers and key employees to purchase up to an aggregate of 6,076,000 common shares in the capital stock of the Corporation. Grants are subject to a three-year vesting period and a five-year term at an exercise price of $0.45 per share, representing a $0.06 (15.4%) premium over the closing price of the common shares of the Corporation listed on the TSX Venture Exchange on November 20, 2020.

About Falco

Falco is one of the largest mineral claim holders in the Province of Qu?bec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 70,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda (now Glencore Canada Corporation) from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko is the largest shareholder of the Corporation and currently owns 18.3% of the issued and outstanding shares of the Corporation. Osisko has announced that it intends to transfer its share ownership to its new subsidiary Osisko Development Corp. while retaining its silver stream interests.

For further information, please contact:

Luc Lessard
President and Chief Executive Officer
514-261-3336
info@falcores.com

Jeffrey White, LL.B, MBA
Director, Investor Relations
416-274-7762
rjwhite@falcores.com

Am?lie Lalibert?
Coordinator, Investor Relations
418-455-4775
info@falcores.com

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 press release.



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