Megastar Development Corporation: Results of Annual General Meeting
December 04 2012 - 3:44PM
Marketwired
Megastar Development Corporation ("Megastar", the "Company" or
"MDV") (TSX VENTURE:MDV)(FRANKFURT:M5Q) wishes to announce that at
its annual general meeting held on November 29, 2012 the
shareholders re-elected Dusan Berka and Chris Staargaard as
directors of the Company for the upcoming year. Two new directors,
Paul A. Smith of Bristol, UK and Jonathan M. Rich of Montreal,
Quebec were also elected at the AGM. All other resolutions
submitted by management to the shareholders for consideration were
approved as presented, including the approval, subject to
acceptance by the TSX Venture Exchange, of the Company's Rolling
10% Stock Option Plan. Shareholders also approved the
re-appointment of BDO Canada LLP, Chartered Accountants as auditor
for the ensuing year and authorized the directors to fix their
remuneration.
Long-time serving Company director and former CFO Gary Musil has
retired from the board. "The board of directors wishes to express
sincere thanks to Mr. Musil for his many contributions to the
Company over the years, and wishes him good health and continued
success in all of his endeavours," said Dusan Berka, President
& CEO. Mr. Andrew Lee opted not to stand for re-election as a
Company director in order to focus on his other business interests.
"We are also grateful to Andrew for his years of valuable and loyal
service as director and Vice President of the Company and wish him
nothing but the best in all his endeavours," said Dusan Berka.
At the directors meeting following the AGM, Mr. Berka was
re-elected as the Company's President and Chief Executive Officer,
and Ms. Zara Kanji-Aquino as Chief Financial Officer. Audit
Committee members for the ensuing year are Chris Staargaard, Paul
Smith and Jonathan Rich.
The Company welcomes Messrs. Smith and Rich to its board, where
their extensive expertise in the mining industry and in financial
management will help move the Company forward. After graduating
from Oxford University with an MA in Metallurgy and the Science of
Materials, Paul Smith spent most of his career in the non-ferrous
mining and smelting industry. After a 20-year distinguished career
with Rio Tinto Zinc group of companies and 8 years with Pechiney
World Trade, Paul was a founding shareholder and Finance Director
of Ocean Partners Holdings Limited, a global trader of copper, zinc
and lead raw materials. He left Ocean Partners in May 2012 to
pursue other investment opportunities and charitable activities.
Jonathan Rich is a Chartered Accountant and has held senior
management and consultancy positions in various industries within
the public and private sector. His experience is with helping
companies execute their growth strategies through partnerships and
acquisitions. Jonathan has a Bachelor of Commerce degree from
McGill University and belongs to The Order of Chartered
Professional Accountants of Quebec (formerly the Quebec Order of
Chartered Accountants).
Dusan Berka, President & CEO states: "We are very pleased to
have attracted quality and experienced professionals like Paul and
Jonathan to the board. Their management, technical, financial and
business skills combined with background and experience with mining
projects in many different countries will be a great asset to the
company as it accelerates seeking and evaluating advance stage
projects for acquisition. With added "bench strength", a healthy
treasury of approximately $1.15 mil cash plus marketable securities
and no debt, it makes Megastar well positioned to increase
shareholder value and take the Company to the next level."
ABOUT MEGASTAR DEVELOPMENT CORP.
Megastar Development Corp. is an emerging resource company
engaged in the acquisition, exploration and development of mineral
properties in Canada. Megastar owns mineral properties in Quebec
and British Columbia. For further information, investors and
shareholders are invited to visit the Company's website at
www.megastardevelopment.com or call the office at 604-669-9330, or
toll free at 1-866-669-9377.
ON BEHALF OF THE BOARD OF DIRECTORS
Dusan Berka, P. Eng., President & CEO
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 news release.
Contacts: Megastar Development Corp. Dusan Berka, P. Eng.
President & CEO 604-669-9330 or Toll Free: 1-866-669
604-669-9335 (FAX) www.megastardevelopment.com