NanoStruck Announces Votes at Annual General and Special Meeting and Management Contracts


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PK:NSKTF / CNSX:NSK
06/24/2014 [ACCESSWIRE]

NANOSTRUCK TECHNOLOGIES INC.

Highlights:

-Nearly 38% of Shareholders Represented at AGM

-More than 99% of Participants Voted in Favour of Resolutions and New Board

-Management Compensation in Equity; Debt Converted to Private Placement Investment

Vancouver, BC / ACCESSWIRE / June 24, 2014 / NanoStruck Technologies Inc. (the "Company" or "NanoStruck") (CSE:NSK) (OTCQX: NSKTF) (Frankfurt: 8NSK) is pleased to announce the voting results of its 2014 Annual General and Special Meeting (the "Meeting") held on June 20, 2014. A total of 32,137,416 common shares representing 37.79% of the issued shares of the Company were represented at the Meeting.

Fix Number of Directors

The ordinary resolution fixing the number of directors at 6 was approved. Shareholders present in person or represented by proxy at the Meeting voted as follows:

 ---------------------------------------------------------------------
 |Number of Shares                   |Percentage                     |
 |                                   |of                             |
 |                                   |Votes                          |
 |                                   |Cast                           |
 |-------------------------------------------------------------------|
 |For       |Against|Withheld/Abstain|For   |Against|Withheld/Abstain|
 |-------------------------------------------------------------------|
 |32,037,416|100,000|0               |99.69%|0.31%  |0.00%           |
 ---------------------------------------------------------------------

Election of Directors

All nominees listed in the information circular for the Meeting were elected as directors of the Company. Shareholders present in person or represented by proxy at the Meeting voted as follows:

 ------------------------------------------------------------------------------------------
 |Nominee            |Percentage of Votes Cast            |Percentage                     |
 |                   |                                    |of                             |
 |                   |                                    |Votes                          |
 |                   |                                    |Cast                           |
 |----------------------------------------------------------------------------------------|
 |                   |For       |Against |Withheld/Abstain|For   |Against|Withheld/Abstain|
 |----------------------------------------------------------------------------------------|
 |Bundeep            |32,037,416|0       |100,000         |99.69%|0.00%  |0.31%           |
 |Singh              |          |        |                |      |       |                |
 |Rangar             |          |        |                |      |       |                |
 |----------------------------------------------------------------------------------------|
 |Raj Kurichh        |32,037,416|0       |100,000         |99.69%|0.00%  |0.31%           |
 |----------------------------------------------------------------------------------------|
 |John Morita        |32,032,416|0       |105,000         |99.67%|0.00%  |0.33%           |
 |----------------------------------------------------------------------------------------|
 |Stephen John McCann|32,032,416|0       |105,000         |99.67%|0.00%  |0.33%           |
 |----------------------------------------------------------------------------------------|
 |Brij Chadda        |32,032,416|0       |105,000         |99.67%|0.00%  |0.33%           |
 |----------------------------------------------------------------------------------------|
 |Martin Bernholtz   |32,037,416|0       |100,000         |99.69%|0.00%  |0.31%           |
 ------------------------------------------------------------------------------------------

NanoStruck's Chairman and CEO Bundeep Singh Rangar commented, "The shareholder vote is a significant endorsement of the Company's management and our carefully considered growth plans. The conversion of debt into the private placement and the management team's decision to take part of their compensation in stock is an endorsement of the Company's equity with more skin in the game. We have each put our money where our mouth is."

Appointment of Auditors

Collins Barrow Toronto LLP were appointed auditors of the Company to hold office until the close of the next annual general meeting of the Company and the directors of the Company were authorized to fix the remuneration of the auditors. Shareholders present in person or represented by proxy at the Meeting voted as follows:

 ---------------------------------------------------------------------
 |Number of Shares                   |Percentage                     |
 |                                   |of                             |
 |                                   |Votes                          |
 |                                   |Cast                           |
 |-------------------------------------------------------------------|
 |For       |Against|Withheld/Abstain|For   |Against|Withheld/Abstain|
 |-------------------------------------------------------------------|
 |32,037,416|0      |100,000         |99.69%|0.00%  |0.31%           |
 ---------------------------------------------------------------------

Re-Approval Stock Option Plan

The resolution ratifying, confirming and approving the Company's Stock Option Plan was approved. Shareholders present in person or represented by proxy at the Meeting voted as follows:

 ---------------------------------------------------------------------
 |Number of Shares                   |Percentage                     |
 |                                   |of                             |
 |                                   |Votes                          |
 |                                   |Cast                           |
 |-------------------------------------------------------------------|
 |For       |Against|Withheld/Abstain|For   |Against|Withheld/Abstain|
 |-------------------------------------------------------------------|
 |32,037,416|100,000|0               |99.69%|0.31%  |0.00%           |
 ---------------------------------------------------------------------

Amendment to Articles to Adopt Advance Notice Provision

The special resolution approving the amendment to the Articles to include the advance notice provisions, as set out in the information circular of the Company, was approved. Shareholders present in person or represented by proxy at the Meeting voted as follows:

 ---------------------------------------------------------------------
 |Number of Shares                   |Percentage                     |
 |                                   |of                             |
 |                                   |Votes                          |
 |                                   |Cast                           |
 |-------------------------------------------------------------------|
 |For       |Against|Withheld/Abstain|For   |Against|Withheld/Abstain|
 |-------------------------------------------------------------------|
 |32,037,416|100,000|0               |99.69%|0.31%  |0.00%           |
 ---------------------------------------------------------------------

Management Contracts

The Company has entered into management agreements as part of the Company's new compensation approach. Management has agreed to take part of their compensation in cash and part in shares in order to conserve the Company's cash during the current stage of the Company's development. The compensation structure adopted will result in a significant cash saving for the Company.

In addition, Bundeep Singh Rangar, interim CEO and Chairman of the Board, has incurred $116,308 in expenditures on behalf of the Company during the second and third quarter of the current financial year. In lieu of being repaid in cash for the amounts owed to him by the Company, Mr. Rangar has elected to reinvest that amount back into the Company. Mr. Rangar has accepted the conversion of the $116,308 debt into units of the Company, converted at $0.08 per unit. Each unit consists of one common share and one common share purchase warrant, exercisable at $0.13 per share for a period of three years. These terms are the same as the recent private placement the Company completed and announced on May 7, 2014. The issuance of the units that were issued to Mr. Rangar was disclosed in a press release dated June 18, 2014.

Full details of the executive compensation paid by the Company for the financial years ended September 30, 2013, 2012 and 2011 are contained in the Company's Information Circular for the 2014 Annual General and Special Meeting of Shareholders, available at www.sedar.com.

About the Company

NanoStruck Technologies Inc. is a Canadian Company with a suite of technologies that remove molecular sized particles using patented absorptive organic polymers. These versatile biomaterials are derived from crustacean shells or plant fibers, depending on requirements of their usage. Acting as molecular sponges, the nanometer-sized polymers are custom programmed to absorb specific particles for remediation or retrieval purposes. These could be used to clean out acids, hydrocarbons, pathogens, oils and toxins in water via its NanoPure solutions. Or to recover precious metal particles in mine tailings, such as gold, silver, platinum, palladium and rhodium using the Company's NanoMet solutions.

By using patented modifications to conventional technologies and adding polymer-based nano-filtration, the Company's offers environmentally safe NanoPure solutions for water purification. The Company uses Environmental Protection Agency (EPA) and World Health Organization (WHO) guidelines as a benchmark for water quality and safety to conform to acceptable agricultural or drinking water standards in jurisdictions where the technology is used.

Additionally, the Company's technology can be used to recover precious and base metals from mine tailings, which are the residual material from earlier mining activities. By retrieving valuable metals from old tailing dumps, the Company's NanoMet solutions boosts the value of existing mining assets and reduces the need for new, costly and potentially environmentally harmful exploration and mining.

The Company's current business model is based on either selling water remediation plants or leasing out units and charging customers on a price per liter basis with a negotiated minimum payment per annum. For processing mine tailings, the value of precious metal recovered is shared with tailing site owners on a pre-agreed basis.

For further information contact:

Nelson Hudes, Public Relations

T: (905) 660-9155

E: Nelson.Hudes@NanoStruck.com

Raj Kurichh, Chief Marketing Officer

T: (905) 813-0900
E:
info@nanostruck.com
W:
www.nanostruck.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER HAS REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. 

SOURCE: NanoStruck Technologies Inc.   

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