QUEBEC CITY - Dec. 4, 2015 -
Clifton Star Resources Inc. ("Clifton Star" or the "Corporation") (TSX VENTURE:CFO) (FRANKFURT:C3T) today announced the re-election of Management's slate of nominees (Michel Bouchard, Ross Glanville, Peter Gundy, and Philip Nolan) at the company's Annual Meeting of Shareholders.
The total number of shares represented either in person or by proxy at the annual meeting was approximately 17.5 million, representing just over 36.2% of the Company's Issued and Outstanding Common Shares. The proposed directors received between 92.57% and 99.69% of the shares voted.
"Shareholders should know that your board and management remain steadfast in their commitment to create long-term value for all," said Ross Glanville, Chairman of the Board. "We have examined over 100 projects and continue to search for the best possible course of action to maximize shareholder value, and are doing everything possible to maintain our enviable cash position as this has placed the Company in a favourable position in our search. A number of Confidentiality Agreements have been signed with interested parties."
Appointment of Auditors: KPMG LLP, Chartered Professional Accountants were appointed to serve as the auditors of the Company for the ensuing year, with the directors of the Company authorized to establish the auditors' remuneration.
The Board has also extended the president and CEO's contract, which was to expire on December 31, 2015, under the same terms and conditions, until the end of 2017
The Company also reports that it has granted 1,200,000 stock options to the directors and officers that were recommended by the Compensation Committee in late October 2015. The options were granted in accordance with the Company's Stock Option Plan. All the incentive stock options granted are exercisable at a price of $0.15 per share which represents the closing price on the day the options were granted. The incentive stock options are exercisable for a period of five years from the date of the grant (December, 2015).
One quarter of the incentive stock options vest immediately and the balance vest at a rate of 25%, every six months over the next 18 months. Any shares issued under the option grant will be subject to a four-month hold period from the date of granting of the option (December 3, 2015), pursuant to the policies of the TSX Venture Exchange.
Following the meeting, the Company also announced that it will proceed with an exploration program planned for the Duquesne Property, which will include approximately 2,000 meters of drilling.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Clifton Star Resources to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 20-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Contact
Michel F. Bouchard, President and CEO
Clifton Star Resources Inc.
mbouchard@cfo-star.com
418-914-9922
www.cfo-star.com
