NorthWest Copper Files Application Alleging Activist Group Violated Securities Laws

About this update from Northwest Copper Corp.

[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 24, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (\"NorthWest\" or the \"Company\") (TSXV:NWST) (OTCQX: NWCCF) today announced that it has filed an application with the British Columbia Securities Commission alleging certain failures of Grant Sawiak, John Kimmel and Tony Ianno (the “Activist Group”) to make disclosures required by securities laws. The Company believes that the Activist Group is acting to serve its own best interests at the cost of all other shareholders and poses a threat to the value of shareholders’ investment in NorthWest. NorthWest is guided by a capable Board of Directors (the “Board”) with a successful track record. Over the last 12 months, the Company has refreshed both the Board and management team to guide the Company’s future growth potential. A new Interim CEO and VP – Exploration has been appointed to accelerate operational efforts. Despite the unnecessary cost of this proxy fight, NorthWest’s focus remains on its core business and day-to-day operations. Application Against Activist Group The application alleges, among other things, that the Activist Group failed to properly disclose joint actor status in connection with this year’s Annual General Meeting of Shareholders (the “Meeting”). Instead of complying with the early warning reporting regime, the Company believes that the Activist Group have decided that Mr. Sawiak will serve as the public face of their efforts to replace the Company’s board, in order to conceal the identities of the rest of the Activist Group. Most notably, the Company believes that Tony Ianno is part of the Activist Group. Mr. Ianno has a history of securities law violations and previously admitted to conduct contrary to the public interest. As a consequence of the Activist Group’s lack of disclosure, neither shareholders nor the market have the information they are entitled to have regarding the Activist Group’s relationships and intentions. When confronted with the Company’s belief that Mr. Sawiak is acting jointly with Mr. Kimmel and Mr. Ianno, Mr. Sawiak has refused to either confirm or deny the Company’s allegations, but recently admitted that Mr. Kimmel is funding his efforts to replace the Company’s board. Any failure to disclose joint actor relationships deprives shareholders of information required to make the right decision abou...

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