TORONTO, July 2, 2013 (GLOBE NEWSWIRE) -- 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.
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