Business
Zara Responds to Visible Defence
Toronto, Ontario--(Newsfile Corp. - June 25, 2013) - Zara Resources Inc. (CNSX: ZRI) ("Zara") ...
About this update from Visible Gold Mines Inc.
[{"type":"text","content":"Zara Responds to Visible DefenceToronto, Ontario--(Newsfile Corp. - June 25, 2013) - Zara Resources Inc. (CNSX: ZRI) (\"Zara\") states that the press release made today by the Directors of Visible Gold Mines Inc. (TSXV: VGD) (“Visible”) is pitiful. \n\n“The Visible directors are unable to defend their appalling record of a 96% decline in the Visible share price while they received $769,585 in fees and wasted over $12,000,000 of shareholders’ funds, so they have \nresorted to inaccurate mud slinging. After 15 days of deliberations they have made no effort to explain their record of mismanagement, but instead they have tried to change the subject. They have also ignored the fact that I have \nrequisitioned a Special Meeting of Visible shareholders to replace the existing directors. Visible shareholders have every reason to either tender their shares to Zara or vote to replace the Visible directors with Zara nominees” commented \nDanny Wettreich, the CEO of Zara. \n\n“In their desperation the Visible directors have also disparaged the CNSX” continued Danny Wettreich. Commenting on the statement in the Visible press release that “CNSX …offers less protection to Visible Gold Mines \nshareholders as it is less regulated,”\n\nCNSX Markets Inc. CEO Richard Carleton said, “CNSX Markets is a recognized stock exchange which is regulated in the same manner as the other equity exchanges in Canada. Activity on all exchanges trading equities is regulated by the \nInvestment Industry Regulatory Organization of Canada (IIROC). IIROC also administers the Timely Disclosure Policies of the exchanges, including reviewing press releases by listed companies. Other marketplace operations are under the direct \noversight of the responsible provincial securities regulator: the Ontario Securities Commission for the Toronto Stock Exchange and CNSX, and the BC and Alberta securities commissions for the TSX Venture Exchange.”\nDanny Wettreich continued, \"The Visible directors have also tried to scare Visible shareholders by describing the Zara Offer as a “Mini-Tender Offer” over which they claim that Canadian Securities Administrators have expressed concerns. This is pure \nmisinformation.\" The Zara Offer is not a Mini-Tender Offer. Zara's offer to purchase sh...