Coloured Ties seeks special meeting to replace Labrador Gold board

Coloured Ties Capital Inc. (TSXV: TIE) announced it has requisitioned a special shareholder meeting of Labrador Gold Corp. (TSXV: LAB) to remove the current board of directors and address alleged corporate governance violations.

The requisition, filed under section 105 of Ontario's Business Corporations Act, was submitted by Coloured Ties along with shareholders Kal Malhi and Rauni Malhi, who collectively hold more than 5% of Labrador Gold's outstanding shares.

According to the press release, Labrador Gold held its last annual meeting on June 27, 2024, and was required under Ontario law to hold its next annual meeting by September 27, 2025. The company announced plans for a December 2, 2025 meeting but has not set a record date or delivered meeting materials to shareholders.

The requisitioned meeting seeks to remove directors James Borland, Trevor Boyd, and Roger Moss, and elect four new directors: Kulwant Malhi, Ronald Wortel, Jean Lafleur, and Tara Asfour. The group is requesting the meeting be held no later than January 18, 2025.

Kulwant Malhi is described as founder of BullRun Capital Inc. and former Royal Canadian Mounted Police officer. Ronald Wortel serves as a Senior Minerals & Mining Equity Research Analyst at Zacks Small-Cap Research with over 30 years in the resource industry. Jean Lafleur is a professional geologist with 45 years of experience and currently works as Senior Consultant, North America, for Appian Capital Advisory LLP. Tara Asfour is a capital markets executive with over 12 years of experience in investor relations and business development.

The concerned shareholders stated they will present a plan for deploying Labrador Gold's cash reserves and project acquisitions once the meeting is scheduled. The information is based on a press release from Coloured Ties Capital.

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