Zara Exposes Stalling Tactics of Directors of Visible
02 Julho 2013 - 9:05AM
Zara Resources Inc. (CNSX:ZRI) ("Zara") states that the directors
of Visible Gold Mines (TSXV:VGD) ("Visible") are engaging in
stalling tactics to avoid the wrath of their shareholders.
"The directors of Visible are grasping at any perceived
technicality to avoid a shareholder vote which will inevitably lead
to their replacement" said Danny Wettreich, CEO of Zara.
On June 12, 2013, Danny Wettreich, a 5% shareholder of Visible,
requisitioned a shareholders meeting for the purposes of replacing
the current Visible Board. On June 28, 2013, after delaying 14
days, Visible acknowledged receipt of the requisition but has
refused to call the shareholders meeting claiming the requisition
is technically deficient for non-delivery to each director of
Visible at the directors' home. The requisition was properly
delivered to the current directors at the registered office of
Visible.
Mr. Wettreich continued: "The current Visible Board, which
collectively owns only 1.6% of Visible, is engaging in unacceptable
stalling tactics designed to perpetuate the current board's
entrenchment, allowing them to continue to enrich themselves at the
expense of the company's shareholders. The current Visible Board
has a statutory and fiduciary obligation to call a shareholders
meeting without further delay to be held as soon as possible to
permit shareholders to have their say. The directors have received
$769,585 in fees while Visible shares have collapsed 96% and
shareholders deserve a chance to vote for a new board of directors.
If the current Board fails to call a shareholders meeting within
the required time, I have the option of calling the meeting myself
as prescribed by the Canada Business Corporations Act."
Zara has offered to purchase up to 19.9% of Visible at a premium
of 125% from the market price and has posted the Offer and related
documents on its website at www.ZaraVisibleSupportTheNewBoard.com.
Also on this website are shown the reasons why the Visible
shareholders should vote to replace the current Visible board with
new directors proposed by Zara.
About Zara Resources
Zara is a Toronto based mineral company developing its Forge
Lake gold project and its Pigeon River nickel-copper project in
Ontario, Canada. It continues to seek the acquisition of other
Canadian natural resource properties.
For more information please see www.ZaraResourcesInc.com or
contact Danny Wettreich at (647) 931 9775 or
dw@zararesourcesinc.com
Forward-Looking Information: This press release
may include forward-looking information within the meaning of
Canadian securities legislation, concerning the business and
trading in the common stock of Zara Resources Inc. The
forward-looking information is based on certain key expectations
and assumptions made by the company's management. Although the
company believes that the expectations and assumptions on which
such forward-looking information is based are reasonable, undue
reliance should not be placed on the forward-looking information
because the company can give no assurance that they will prove to
be correct. These forward-looking statements are made as of the
date of this press release and the company disclaims any intent or
obligation to update publicly any forward-looking information,
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
The CNSX has not reviewed, approved or disapproved the content
of this press release
Visible Gold Mines (TSXV:VGD)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Visible Gold Mines (TSXV:VGD)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024