Colorado Resources' Disgruntled Ex-CEO Travis Continues to Demonstrate Ignorance of Corporate Governance
March 23 2018 - 9:38AM
Colorado Resources Ltd. (TSX-V:CXO) ("Colorado" or the "Company")
announces that Mr. Carl Hering has resigned as a director of the
Company. The Board would like to thank Mr. Hering for his valuable
contribution to the Company over the years.
In a news release dated March 22, 2018, Mr. Adam
Travis, the terminated CEO and President of the Company who has
launched a needless and distracting proxy fight, refers to Mr.
Hering as an “independent director”. This statement
demonstrates how Mr. Travis, after having been a director of the
Company for eight years, still has little understanding of
corporate governance.
Mr. Hering was not independent. The
Company’s Information Circular for the Annual General Meeting, to
be held on April 17, 2018 (the “AGM”), clearly indicates that Mr.
Hering was paid consulting fees for corporate and technical
assistance at rates varying from $750 - $900 per diem effective
February 2016, under the time Mr. Travis, his former co-worker at
another company, was CEO. During the 2017 fiscal year, Mr. Hering
received $95,550 as a consultant to the Company, which under
securities regulations and TSXV policy means he was not
independent.
Mr. Hering, in several discussions regarding
future management and director nominees, indicated he would likely
resign and not go forward as he would then be able to focus on the
Company’s Green Springs property in Nevada. As an experienced
professional, Mr. Hering has also recognized and expressed deep
concern about the serious shortcomings of Mr. Travis. In
January of 2017, Mr. Hering wrote, after a dispute with
Travis:
“It would be excusable if this were the
first time a similar situation occurred where Adam chose to ignore
Board recommendations. However, it is about the
10th”, and
“…he has no issue with spending excess
monies to satisfy what he thinks the brokers or bloggers want, not
what the Directors recommend.”
This is the same Mr. Travis who now claims that
he alone can restore good corporate governance to the
Company. What Mr. Travis wants is to install his handpicked
nominees on the Board so he can continue to treat your company as
his own.
YOUR VOTE CAN SAVE YOUR
INVESTMENT
Voting is now open. Only your vote can save your
investment, and move Colorado forward, no matter how many shares
you own. To vote FOR your management nominees, vote on the
Company’s BLUE Proxy or Voting
Instruction Form.
Do not vote the Yellow Proxy or Voting
Instruction Form sent to you by Adam Travis.
Don’t wait. The last day
to vote is Friday, April 13, 2018 at 10:00 am (PDT).
If you have questions or need help voting
contact Kingsdale Advisors at 1-800-775-3159
or contactus@kingsdaleadvisors.com. There is a team standing
by to help.
About Colorado
Colorado Resources Ltd. is currently engaged in
the business of mineral exploration for the purpose of acquiring
and advancing mineral properties located in the “Golden Triangle”
British Columbia and holds approximately 1,200sq km of mineral
claims in this prolific metalliferous region. The Company’s
main exploration projects within British Columbia include KSP and
North ROK. Additionally, the Company holds an option to acquire a
100% interest in the Green Springs project located in eastern
Nevada.
Contact: Kingsdale Advisors Ian Robertson,
416-867-2333 Executive Vice President, Communication Strategy
irobertson@kingsdaleadvisors.com Cell: 647-621-2646 or
Shareholders: Kingsdale Advisors Toll free: 1-800-775-3159
contactus@kingsdaleadvisors.com
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this news release, constitute
“forward-looking information” as such term is used in applicable
Canadian securities laws. Forward-looking information is based on
plans, expectations and estimates of management at the date the
information is provided and is subject to certain factors and
assumptions, including: that the Company’s financial condition and
development plans do not change as a result of unforeseen events,
that the Company obtains required regulatory approvals, that the
Company continues to maintain a good relationship with the local
project communities. Forward-looking information is subject to a
variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from
those projected in such forward-looking information. Factors that
could cause the forward-looking information in this news release to
change or to be inaccurate include, but are not limited to, the
risk that any of the assumptions referred to prove not to be valid
or reliable, which could result in delays, or cessation in planned
work, that the Company’s financial condition and development plans
change, delays in regulatory approval, risks associated with the
interpretation of data, the geology, grade and continuity of
mineral deposits, the possibility that results will not be
consistent with the Company’s expectations, as well as the other
risks and uncertainties applicable to mineral exploration and
development activities and to the Company as set forth in the
Company’s Management’s Discussion and Analysis reports filed under
the Company’s profile at www.sedar.com. There can be no
assurance that any forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
the reader should not place any undue reliance on forward-looking
information or statements. The Company undertakes no obligation to
update forward-looking information or statements, other than as
required by applicable law.
Neither the 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.
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