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
KAL MALHI – FOUNDER
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 https://www.newsfilecorp.com/release/157255