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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) (“Coloured Ties” or the “Company”) and privately held Bullrun Capital Inc. (“Bullrun”) (Coloured Ties and Bullrun together the “Concerned Shareholders”) are providing the following open communication to the board of directors and management of Azimut Exploration Inc. (“Azimut”).

The Concerned Shareholders are substantial shareholders of Azimut. Kal Malhi, CEO of the Company and Bullrun, has made numerous attempts to engage management of Azimut, including CEO Jean Marc Lulin and the rest of the Board of Directors (“the Board”) in conversations to encourage disclosure of the Azimut exploration plans and activity on the extensive critical mineral land holdings in Quebec. The numerous attempts to engage with management and the Board have had no success and have been met with zero acknowledgement minimal or no response. It is also the Company’s understanding that Mr. Jean Marc Lulin has refused to engage with other junior mineral exploration companies who are active in critical mineral exploration in the Province of Quebec and who own mineral claims that adjoin or are in the midst of Azimut’s vast critical mineral claim blocks. This is a direct neglect of Mr. Jean Marc Lulin’s obligations to assess the potentiality totality of information pertaining to of Azimut’s critical mineral land claims and obligations to gather all information to guide in his decision making.

The Concerned Shareholders, through their legal counsel, requested shareholder engagement together with a request for board representation with no response to date from any one of Azimut ‘s officials. Specifically, the Concerned Shareholders requested:

TO address the lack of shareholder engagement, and to ensure good corporate governance it is our clients’ request to seek board representation on the board of directors of Azimut. Our client would request that TIE and Bullrun nominate two directors to the Board of Directors of Azimut to ensure that sound business practices and the company commitment to shareholder engagement is HONORED. Our client would provide the nominee identity and qualifications upon the Company agreement to nominate such directors.

The Concerned Shareholders believe that at a time when the world, and specifically Canada and the province of Quebec are focused on discovering critical mineral deposits, Azimut needs to revamp its business implementation methods model and explore Quebec’s critical mineral wealth with integrity and professionalism.

The current agreed business model being deployed by Mr. Lulin is to acquire vast tracts of critical mineral potential land claims within Quebec and then seek wait for other junior mineral exploration companies to conduct exploration on peripheral claims and await for those results. With this business model, as of now Azimut has not developed any of its critical mineral lands in the Province of Quebec, while many junior companies from outside of Quebec and Canada have defined large tracts of land for critical mineral prospects.

Further, Azimut is also refusing to access large amounts of capital that is being made available for critical mineral exploration research through government tax credits and incentive programs. Azimut is electing to essentially squat on the Company’s vast critical mineral claim in Quebec and await development by other junior mining companies and thereby inhibit exploration to the detriment of shareholders and the Province of Quebec. The current Azimut business plan is resulting in negative returns for Azimut shareholders. This is also in direct contrast to comparable junior exploration companies that have provided delivered exceptional shareholder returns based on their successful critical mineral exploration programs in Quebec and surrounding areas.

The Concerned Shareholders are acting to ensure ethical, engaging and sound business practices by Azimut to be put in place with full disclosure to its shareholders, compliance with Quebec’s mineral exploration licence requirements and consultation with regional partners and stakeholders, and will consider future action based on the response by Azimut to these repeated requests for engagement.

About Coloured Ties Capital Inc.

Coloured Ties Capital is a TSX-V listed issuer that invests in early stage commercial ventures and provides investee companies with capital market access and advisory services. The Company offers investors an opportunity to participate in early stage opportunities that are often only offered to high net worth or institutional investors via investment in the Company’s common shares listed on the TSX Venture Exchange under symbol V.TIE. Coloured Ties Capital is a 2022 TSXV 50 Company.

For further information please contact:

Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
[email protected]

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 release.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.

The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.

To view the source version of this press release, please visit


Expressions of Interest for Director of the European Bank for Reconstruction and Development




The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments





The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.


This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets





The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global


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