TORONTO, ONTARIO--(Marketwired - May 30, 2016) - Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX:BSX) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management proxy circular dated April 20, 2016 for the 2016 Annual Meeting of shareholders of Belo Sun (the "Meeting") were elected as directors of the Company. Shareholders at the annual meeting also approved the appointment of the Company's auditors. 79% of all of the issued and outstanding shares of Belo Sun were represented at the Meeting.
Detailed results of the vote for the election of directors held at the Meeting on May 27, 2016 in Toronto, Ontario are set out below.
Election of Directors
The shareholders approved the election as directors of the persons listed below, based on the following vote.
|Nominee||% Votes For||% Votes Withheld|
The Belo Sun board is comprised of an equal number of independent and non-independent directors. As such, proxy advisory firms, Glass Lewis & Co. and Institutional Shareholder Services, recommended that shareholders withhold their vote from the Company's non-independent directors, since they recommend a majority of independent directors. This recommendation affected the level of support for the non-independent directors. The Company believes that its board of directors functions well; however, in response to shareholder requests, Belo Sun will look to supplement the board with the addition of another independent director.
Belo Sun's board would like to express its gratitude to its shareholders for their high levels of participation and support.
About the Company
Belo Sun Mining Corp. is a Canadian-based mineral exploration and development company with a portfolio of gold-focused properties in Brazil. Belo Sun's primary focus is advancing and expanding its 100% owned Volta Grande Gold Project, located in Para State. Belo Sun trades on the TSX under the symbol "BSX". For more information about Belo Sun please visit www.belosun.com.
Belo Sun Mining Corp.
On behalf of the Board
Peter Tagliamonte, President and Chief Executive Officer
Caution regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the election of directors. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.belosun.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.