Business
Azimut Exploration Inc. Continued Refusal to Engage with Concerned Shareholders or Other Stakeholders
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Coloured Ties Capital Inc. (TSXV...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"Azimut Exploration Inc. Continued Refusal to Engage with Concerned Shareholders or Other StakeholdersVancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) (\"Coloured Ties\") (\"Ties\") or the (\"Companies\") and privately held Bullrun Capital Inc (\"Bullrun\") and Bullrun together the (\"Concerned Shareholders\") are providing the following open communication to the board of directors and management of Azimut Exploration Inc. (\"Azimut\")CONTINUED REFUSAL TO ACKNOWLEDGE OR ENGAGE WITH CONCERNED SHAREHOLDERS IN ANY CONSTRUCTIVE MANNERThe Concerned Shareholders are substantial shareholders of Azimut. Kal Malhi, CEO of Coloured Ties and Bullrun Capital 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 fulsome disclosure of the Azimut exploration plans and activity on the extensive critical minerals land holdings in Quebec. The numerous attempts to engage with management and the Board have had no success and have been met with minimal or no response, including attempts made by the Concerned Shareholders subsequent to their news release of March 3, 2023.As previously reported, the Concerned Shareholders, through legal counsel, delivered a written request for shareholder engagement together with a request for board representation on February 27, 2023. The only response provided by Azimut was that the Concerned Shareholders were welcome to attend the Azimut booth at PDAC or review the Company website and news releases.The Concerned Shareholders then arranged for a phone call with the Azimut Chairman of the board and Mr. Lulin. On March 8, 2023 a call was convened but Messers Mullan and Lulin refused to speak about Azimut at all, objecting to the Concerned Shareholders legal counsel being present on the call. The Concerned Shareholders attempted to discuss the fact that Azimut's critical mineral assets were being given negligible valuation in the capital markets based on Azimut's lack of development efforts and the Company needed to amend its business practices and fast track the development of its vast critical mineral land holdings in Quebec. Messers Mullan and Lulin refused to participate in any dialogue. THE FACTS REMAIN THAT AZIMU...