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CBLT Will Attend Shareholder Meeting of Investee Ready Set Gold Corp
Burlington, Ontario--(Newsfile Corp. - October 5, 2021) - CBLT Inc. (TSXV: CBLT) ("CBLT") anno...
About this update from Cblt Inc
[{"type":"text","content":"CBLT Will Attend Shareholder Meeting of Investee Ready Set Gold CorpBurlington, Ontario--(Newsfile Corp. - October 5, 2021) - CBLT Inc. (TSXV: CBLT) (\"CBLT\") announces its continuing efforts to overhaul the leadership group at investee Ready Set Gold Corp. (\"RDY\"). CBLT is to the best of its knowledge the largest shareholder of RDY.The current leadership group has been a financial and operational disaster for RDY's shareholders. The last equity financing was effected at 75 cents per share (flowthrough). RDY's shares began trading CBLT on January 12, 2021 at 49 cents per share. The share price has steadily fallen to close yesterday at 15.5 cents per share, representing an erosion of almost $18,000,000 of equity. Management has burned through over $3,000,000 in cash during that time.Operationally, every First Nation has a constitutional right to consultation. This includes Pays Plat First Nation, the only First Nation having traditional lands in RDY's work area. CBLT confirmed with Pays Plat that RDY failed or neglected to consult with Pays Plat prior to carrying out RDY's spring drill program, thereby depriving Pays Plat of its constitutional rights.Pays Plat has advised it is extremely displeased with RDY's lack of consultation, putting in great risk RDY's ability to work any of its Hemlo-area claims, which are the only mining assets of RDY. RDY has failed or neglected to disclose such risk to the RDY shareholders.The decision not to consult or engage with Pays Plat is cause for the termination of RDY's CEO. RDY's board chose not to terminate him at the time, so to protect RDY and its shareholders CBLT requisitioned a meeting of the shareholders of RDY to upgrade the board. RDY eventually called such meeting for 23 months after the last RDY meeting, the date of which is October 12, 2021 in Vancouver.CBLT's legal counsel has advised RDY in writing that a CBLT representative will attend the shareholder meeting in person to vote CBLT's shares and to vote proxies.Lastly, CBLT regrets to advise Dr. Tom E. McCandless has resigned from the board of directors. He will remain as an Advisor to CBLT on an as-needed basis. The shareholders are grateful to him for his years of service.CONTACT INFORMATION Peter M. ClausiCEO and Director1 416 890 [email protected]@ClausiPeterNeither TSX Venture Exchange nor its Regulation Services Pr...