Vancouver, BC, Canada, November 22, 2013 – Megastar Development Corporation (“Megastar”, the “Company” or “MDV”) (TSX-V: MDV; Frankfurt: M5Q) wishes to announce that the nominees listed in the management proxy circular for the 2013 Annual and Special General Meeting of Shareholders held on November 21, 2013 were elected as directors of the Company for the ensuing year. The scrutineer reported that there were two (2) registered shareholders present in person, holding 288,500 common shares, and 47 shareholders represented by proxy, holding 7,247,164 shares, for a total of 49 shareholders in person or represented by proxy, holding an aggregate of 7,535,664 shares. This represents 25.99% of the total 28,996,716 shares issued and outstanding. Detailed results of the vote for directors of the Company are shown below:
|Nominee||Votes For||% For||Votes Witheld||% Witheld|
|Jonathan M. Rich||6,949,164||95.89%||298,000||4.11%|
|Paul A. Smith||6,949,164||95.89%||298,000||4.11%|
In addition, Shareholders approved, subject to acceptance by the TSX Venture Exchange, the Company’s 2013 Incentive Stock Option Plan. Shareholders also approved re-appointment of BDO LLP, Charter Accountants as auditors for the ensuing year and authorized the Directors to fix their remuneration.
All other resolutions submitted by management to Shareholders for consideration were approved as presented, including the Special Resolutions approving the Advance Notice Policy of the Company dated September 23, 2013 as well as the new form of Articles of the Company.
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 as Chief Financial Officer and Corporate Secretary. The Audit Committee members for the ensuing year are Christian Staargaard, Paul A. Smith and Jonathan Rich.
The Board of Directors would like to thank the Company’s shareholders for their continued support throughout the past year.
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
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