Arctic Gold AB (ARCT): Communiqué from Arctic Gold AB's annual general meeting
On Tuesday, May 22, 2012 Arctic Gold AB held an annual general meeting at the IVA conference center in Stockholm. In addition to formal resolutions, the following resolutions were made by the general meeting
Finalizing P/L and balance sheet, resolution regarding allocation of profit and release from liability
The meeting decided to confirm the submitted P/L and to allocate unencumbered equity under the control of the meeting in accordance with the proposal from the Board of Directors. The meeting furthermore decided to release the Directors of the Board and the CEO from liability for the fiscal year of 2011.
Compensation for the Board of Directors and Auditor
The meeting decided that compensation for the Board of Directors will be in the amount of 60,000 kr for the Chairman and 40,000 kr each for the other Directors of the Board. It was furthermore decided that the Board of Directors has the right to decide regarding consulting fees totaling no more than 250,000 kr per year to be paid to the Directors of the Board for work performed outside their regular duties as Board members.
The meeting decided that the compensation for the auditors would be as per approved invoice.
Election of Directors of the board, Chairman and Auditor
The meeting decided to elect as Directors of the Board, up until the ending of the next annual general meeting, Torsten Börjemalm and Stefan Månsson through re-election and Tord Cederlund, Marcus Elsasser and Krister Söderholm through new election. Christer Löfgren and Johan Klemet Kalstad were elected as alternates.
The meeting decided to select Torsten Börjemalm as the Chairman of the Board.
The meeting decided to select as the company's auditor, up until the ending of the annual general meeting held during the fiscal year of 2016, the registered audit firm Ernst & Young with Björn Ohlsson as the main auditor responsible
Appointment of Nominating Committee
The meeting decided on principles for appointing of nominating committee in accordance with the proposal from the nominating committee.
Resolution to authorize the Board to make decisions regarding new stock issues
The Board of Directors proposes that they are authorized by the meeting to decide regarding one or more issues of shares and/or convertibles and/or warrants for cash payment and/or with clauses for contribution in kind or set-off or else with other conditions, and to thereby be able to waive the share holders right of first refusal, thus adding share capital to the company of a maximum of 20 000 000 kr and a maximum of 10 000 000 shares.. The purpose of this authorization is to create freedom of action to finance new business opportunities within the existing operations or for expanded operations in the form of for example business acquisitions. Noted that Sveriges Aktiesparares Riksförbund considered this authorization to be too broad and that the Board should consult the general meeting in these matters.
Arctic Gold AB (publ)
The Board of Directors
For further information, please contact the company's CEO.
Lars-Åke Claesson
CEO
Arctic Gold AB
46 18 156423
46 70 6733294
claesson@arcticgold.se
www.arcticgold.se
Arctic Gold's business concept is to engage in exploration activities to discover and demonstrate commercially extractable gold and base metal deposits in Scandinavia; The strategy is primarily to carry out exploration work and either sell the project within a few years or to establish mining activities under the company's own control or through a partnership with other companies. Arctic Gold focuses mainly on the Bidjovagge project in northern Norway and current gold and base metal permits in Västerbotten and Norrbotten.