Concerned Shareholders of Azimut Exploration Inc. Question the Company’s Business Strategy and Request for Shareholder Engagement and Improved Governance
Vancouver, British Columbia–(Newsfile Corp. – March 3, 2023) – Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) (“Colored Ties” or the “Corporation”) and privately held Bullrun Capital Inc. (“Bullrun”) (Colored Ties and Bullrun together the “Concerned Shareholders”) are furnishing the following open up conversation to the board of directors and administration of Azimut Exploration Inc. (“Azimut”).
The Worried Shareholders are substantial shareholders of Azimut. Kal Malhi, CEO of the Organization and Bullrun, has designed various attempts to interact administration of Azimut, including CEO Jean Marc Lulin and the rest of the Board of Administrators (“the Board”) in conversations to inspire disclosure of the Azimut exploration options and activity on the intensive significant mineral land holdings in Quebec. The a lot of attempts to engage with administration and the Board have experienced no achievement and have been satisfied with zero acknowledgement nominal or no response. It is also the Company’s being familiar with that Mr. Jean Marc Lulin has refused to have interaction with other junior mineral exploration providers who are active in critical mineral exploration in the Province of Quebec and who possess mineral promises that adjoin or are in the midst of Azimut’s wide critical mineral declare blocks. This is a immediate neglect of Mr. Jean Marc Lulin’s obligations to assess the potentiality totality of facts pertaining to of Azimut’s important mineral land promises and obligations to acquire all information to tutorial in his selection producing.
The Involved Shareholders, by their authorized counsel, requested shareholder engagement with each other with a ask for for board illustration with no reaction to date from any a person of Azimut ‘s officers. Specifically, the Involved Shareholders asked for:
TO deal with the lack of shareholder engagement, and to ensure excellent corporate governance it is our clients’ request to search for board illustration on the board of directors of Azimut. Our customer would request that TIE and Bullrun nominate two directors to the Board of Administrators of Azimut to be certain that sound enterprise practices and the business motivation to shareholder engagement is HONORED. Our client would offer the nominee identity and skills on the Corporation settlement to nominate these directors.
The Anxious Shareholders believe that that at a time when the globe, and exclusively Canada and the province of Quebec are concentrated on getting important mineral deposits, Azimut requires to revamp its small business implementation approaches design and check out Quebec’s vital mineral wealth with integrity and professionalism.
The present-day agreed business model remaining deployed by Mr. Lulin is to purchase extensive tracts of important mineral opportunity land promises inside of Quebec and then request wait around for other junior mineral exploration firms to carry out exploration on peripheral promises and await for those people benefits. With this enterprise product, as of now Azimut has not designed any of its significant mineral lands in the Province of Quebec, even though many junior corporations from exterior of Quebec and Canada have described huge tracts of land for vital mineral prospects.
Even more, Azimut is also refusing to entry huge quantities of capital that is remaining produced obtainable for essential mineral exploration investigate by government tax credits and incentive systems. Azimut is electing to in essence squat on the Firm’s extensive significant mineral claim in Quebec and await enhancement by other junior mining providers and therefore inhibit exploration to the detriment of shareholders and the Province of Quebec. The present-day Azimut organization program is ensuing in detrimental returns for Azimut shareholders. This is also in direct distinction to similar junior exploration companies that have provided sent fantastic shareholder returns dependent on their productive vital mineral exploration applications in Quebec and bordering spots.
The Worried Shareholders are acting to make certain moral, partaking and sound business techniques by Azimut to be set in spot with complete disclosure to its shareholders, compliance with Quebec’s mineral exploration licence specifications and session with regional associates and stakeholders, and will take into consideration future action dependent on the reaction by Azimut to these repeated requests for engagement.
About Colored Ties Capital Inc.
Coloured Ties Cash is a TSX-V stated issuer that invests in early stage business ventures and provides investee companies with funds current market access and advisory solutions. The Firm presents traders an prospect to take part in early stage chances that are typically only offered to high net really worth or institutional investors via investment in the Firm’s popular shares outlined on the TSX Venture Exchange under image V.TIE. Coloured Ties Money is a 2022 TSXV 50 Corporation.
For even further info please make contact with:
Colored Ties Money Inc.
Kal Malhi Main Govt Officer
KAL MALHI – FOUNDER
Neither the TSX Enterprise Trade nor its Regulation Products and services Supplier (as that phrase is outlined in the policies of the TSX Undertaking Trade) accepts duty for the adequacy or precision of this release.
Other than for historical data contained herein, this news launch contains forward-looking statements that contain pitfalls and uncertainties. Real effects could vary materially. Except as essential pursuant to relevant securities regulations, the Firm will not update these ahead-wanting statements to mirror gatherings or circumstances immediately after the date hereof. Extra detailed information about possible components that could affect monetary outcomes is incorporated in the files filed from time to time with the Canadian securities regulatory authorities by the Enterprise.
The ahead-looking statements contained in this news launch present the expectations of the Organization as of the day hereof and, accordingly, is subject matter to modify soon after these types of date. Audience are cautioned not to position undue reliance on ahead-hunting statements.
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