VANCOUVER, March 27, 2017 /CNW/ - Delbrook Capital Advisors
Inc. ("Delbrook" or the "Concerned Shareholder"), the
largest shareholder of Rapier Gold Inc. ("Rapier" or the
"Company") (TSX Venture: RPR), announces that it has been
successful in removing Mr. Roger
Walsh as Chair of the upcoming annual general meeting (the
"Meeting") scheduled for 10am
PST on March 30, 2017.
The Concerned Shareholder filed a petition in the Supreme Court of
British Columbia (the
"Court") which was heard on Friday,
March 24, 2017. The decision by the Court to remove
Mr. Walsh is a strong signal that the behavior displayed by
management and the board of directors of Rapier (the "Entrenched
Management and Board") showed no regard for shareholder
democracy.
Delbrook continues to evaluate any and all options available to
hold the Entrenched Management and Board to account for breach of
fiduciary duty.
Continued Questionable Financial Decisions by the Entrenched
Management and Board
On March 24, 2017, Rapier
announced the closing of the final tranche of a private placement
as well as a debt settlement (the "Debt Settlement")
agreement with certain creditors totalling $479,551.91. The Concerned Shareholder
believes the decision by the Entrenched Management and Board to
enter into a Debt Settlement agreement days before the Meeting is
irresponsible and shows continued disregard for shareholders.
This action is yet another example of the Entrenched Management and
Board disregarding their responsibilities as fiduciaries.
Delbrook puts the Entrenched Management and Board on notice that
their actions in advance of the Meeting are being closely observed
to ensure additional destruction of shareholder value does not
occur. Activities which are undertaken in bad faith or which
disrespect shareholder rights will be challenged.
Continued Support for Change
Delbrook is pleased to announce that shareholders controlling
well over 40% of the shares outstanding of Rapier have voted in
favor of change. The Concerned Shareholder would like to
thank those who have already voted and encourage those remaining to
join their fellow shareholders. It is time for shareholders
to come first.
Due to the essence of time, Shareholders are encouraged to vote
online, by telephone or by fax as set out in the Concerned
Shareholder's proxy circular and voting materials. DO NOT
use the proxy that was provided by Management. Shareholders are
urged to discard that proxy and follow the instructions on
the YELLOW proxy, and submit it today well in
advance of the deadline on March 28,
2017 at 9:00 AM (Pacific Time)
in order to ensure that your vote for change is counted at the
Meeting.
If you have already voted using Management's proxy form but wish
to support the Concerned Shareholder, simply vote using
the YELLOW proxy. A later
dated YELLOW proxy will supersede a previously
submitted vote.
Further information relating to the Concerned Shareholder's
proposed nominees for directors of Rapier and other important
information on voting is set out in the proxy circular dated
March 9, 2017 and addendum dated
March 16, 2017 furnished in
connection with the solicitation of proxies by and on behalf of the
Concerned Shareholder, which can be found on SEDAR at www.sedar.com
or at www.delbrookcapital.com/rapier-gold.
About Delbrook Capital Advisors Inc.
Delbrook Capital Advisors Inc. is an independent investment
manager which focuses on alternative strategies. Delbrook Capital
Advisors Inc. manages the Delbrook Resource Opportunities Fund, an
alternative investment fund, focused on identifying and investing
in unique growth opportunities within the metals and mining
sector.
Delbrook Capital Advisors Inc.
1021 West Hastings Street, Suite 650
Vancouver, BC, V6E 0C3
604.229.1450
Matthew Zabloski, Managing
Director
www.delbrookcapital.com
SHAREHOLDER QUESTIONS
Laurel Hill Advisory Group
North America Toll Free:
1-877-452-7184
Collect Calls Outside North America: 416-304-0211
Email: assistance@laurelhill.com
Disclaimers
Delbrook has not sought or obtained consent from any third party
to the use herein of previously published information. Any such
information should not be viewed as indicating the support of such
third party for the views expressed herein.
Except for the historical information contained herein, the
matters addressed in these materials are forward-looking statements
that involve certain risks and uncertainties. You should be aware
that actual results could differ materially from those contained in
the forward-looking statements. Delbrook does not assume any
obligation to update the forward-looking information.
SOURCE Delbrook Capital Advisors Inc.