Vancouver, BC, Canada, July 24, 2015 – 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 2015 Annual General Meeting of Shareholders held on July 23, 2015 were elected as directors of the Company for the ensuing year. The scrutineer reported that there were four (4) registered shareholders present in person, holding 470,500 common shares, and 20 shareholders represented by proxy, holding 2,179,100 shares, for a total of 24 shareholders in person or represented by proxy, holding an aggregate of 2,694,600 shares. This represents 9.14% 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 Withheld | % Withheld |
|---|---|---|---|---|
| Dusan Berka | 2,160,100 | 99.13% | 19,000 | 0.87% |
| Christian Staargaard | 2,160,100 | 99.13% | 19,000 | 0.87% |
| Jonathan M. Rich | 1,872,225 | 85.92% | 306,875 | 14.08% |
| Paul A. Smith | 1,872,225 | 85.92% | 306,875 | 14.08% |
In addition, Shareholders approved, subject to acceptance by the TSX Venture Exchange, the Company’s 2015 Incentive Stock Option Plan. Shareholders also approved re-appointment of Davidson & Co. LLP, Charter Accountants as auditors for the ensuing year and authorized the Directors to fix their remuneration. Shareholders also ratified, confirmed and approved the Advance Notice Policy.
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 patience and continued support throughout the past year.
ABOUT MEGASTAR DEVELOPMENT CORP.
Megastar Development Corp. is an emerging resource company engaged in the evaluation, acquisition, exploration and development of mineral properties. 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 contact Dusan Berka, P. Eng., President & CEO at 604- 681-1568, or toll free at 1-877-377-6222.
ON BEHALF OF THE BOARD OF DIRECTORS
”DUSAN BERKA”
Dusan Berka, P. Eng.
President & CEO
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