Azimut Comments on Two News Releases from Activist Shareholders
Azimut Comments on Two News Releases
from Activist Shareholders
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL, QC
,
March 16, 2023
/CNW/ -
Azimut Exploration Inc.
("Azimut" or the "Company")
(TSXV: AZM) (OTCQX: AZMTF) comments on the inaccurate news releases issued by activist
shareholders Coloured Ties Capital Inc. (TSXV: TIE) and Bullrun Capital Inc. (collectively, the
"Bullrun Group") on
March 3, 2023
and
March 14, 2023
(collectively, the "News Releases").
After carefully considering both News Releases and the allegations contained therein, the Board of
Directors of Azimut (the "Board") concluded that the News Releases contain numerous inaccuracies,
mischaracterizations, and false statements. Azimut cautions investors not to form an opinion based
on the disparaging and misleading comments issued by the Bullrun Group and instead strongly
encourages them to consult credible sources, including Azimut's filings with the Canadian securities
regulatory authorities.
The Board, like the bulk of shareholders it regularly engages with, is confident in the Company's
overall strategic plan and corporate governance practices. The recent re-election of all Company's
directors at the annual general shareholders' meeting, with support ranging between 92.5% and
99.9% of the shares voted at the meeting, demonstrates that shareholders endorse the Company's
current leadership and business strategy (
see press release of March 3, 2023
).
Azimut shareholders know that engagement has always been at the forefront of Azimut's governance
practices, and the Company remains committed to engaging with its diverse stakeholders. Contrary
to the allegations made in the News Releases by the Bullrun Group, Azimut has demonstrated
openness to their repeated requests for meetings and communications. However, rather than
engage constructively, the Bullrun Group has adopted bullying tactics in an attempt to drive their self-
interested agenda forward. Azimut has engaged in conversations and written exchanges with the
Group on several occasions regarding their intent to acquire a participation in several of Azimut's
properties. Following those exchanges, which have unfortunately escalated to multiple harassing and
belligerent messages, the Board determined that the propositions of the Bullrun Group were not
compelling for Azimut or its shareholders, and the Board concluded that it was not in the Company's
best interest to further engage with the Bullrun Group at that time.
The Board remains committed to defending the organization against false and misleading
statements, however shareholders should be assured that Azimut's focus will remain on advancing
its business, executing its strategy and creating sustainable long-term shareholder value.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for target generation and
partnership development. The Company holds the largest mineral exploration portfolio in
Quebec
. Its
wholly-owned flagship Elmer Gold Project is actively advanced to the initial resource stage in the
James Bay
region. Azimut also controls a strategic land position for copper-gold, nickel and lithium.
At least 10 work programs are planned for 2023, including an aggressive lithium-focused field
assessment phase as early as possible after the winter season.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert
system), enhanced by extensive exploration know-how. The Company's competitive edge is based
on systematic regional-scale data analysis and concurrently active projects. Azimut is led by a team
with a wide range of national and international expertise in the mining industry, including technical,
financial and legal experience from exploration to production. The Company maintains rigorous
financial discipline and a strong balance sheet, with 79.5 million shares issued and outstanding.
www.azimut-exploration.com
This press release contains forward-looking statements, which reflect the Company's current
expectations regarding future events. To the extent that any statements in this press release
contain information that is not historical, the statements are essentially forward-looking and are
often identified by words such as "anticipate", "expect", "estimate", "intend", "project", "plan" and
"believe". The forward-looking statements involve risks, uncertainties, and other factors that could
cause actual results to differ materially from those expressed or implied by such forward-looking
statements. There are many factors that could cause such differences, particularly volatility and
sensitivity to market metal prices, impact of change in foreign currency exchange rates and
interest rates, imprecision in reserve estimates, environmental risks including increased regulatory
burdens, unexpected geological conditions, adverse mining conditions, changes in government
regulations and policies, including laws and policies, and failure to obtain necessary permits and
approvals from government authorities, as well as other development and operating risks.
Although the Company believes that the assumptions inherent in the forward-looking statements
are reasonable, undue reliance should not be placed on these statements, which only apply as of
the date of this document. The Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new information, future events or otherwise,
other than as required to do so by applicable securities laws.
Neither 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.
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/March2023/16/c4346.html
%SEDAR: 00003284E
For further information:
Glenn J. Mullan, Chairman of the Board, Tel.: (819) 824-2808 ext. 209;
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 ext. 222, [email protected]
CO: Azimut Exploration Inc.
CNW 06:30e 16-MAR-23