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.