Coloured Ties Capital Requisitions a Shareholder Meeting of Labrador Gold Corp. to Bring the Company into Compliance with Corporate Legislation and Address Necessary Leadership Changes
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Vancouver, British Columbia--(Newsfile Corp. - November 19, 2025) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("CTI" or the "Company"), announces today that it has, together with Kal Malhi, Rauni Malhi (the "Concerned Shareholders"), a group of shareholders holding more than
In addition to Labrador's current board and management's continued failure to execute on any viable commercial opportunity in the resource sector, Labrador is also in significant breach of its obligations under applicable corporate legislation. Labrador's last annual meeting of shareholders was held on June 27, 2024. Under subsection 94(1)(a) of the OBCA, the Corporation was required to hold its next annual meeting no later than September 27, 2025. Despite this, the Corporation announced on August 13, 2025 that it intended to hold an annual general and special meeting of shareholders on December 2, 2025, well past the statutory deadline.
Further, Labrador has failed to fix a record date for the proposed meeting and has not delivered a notice of meeting or accompanying materials to shareholders in advance of the announced December 2, 2025 meeting date, for which the deadline for mailing proxy materials has passed. The only conclusion from this inaction is that Labrador did not intend to hold the proposed meeting. The failure to hold any meeting of shareholders for more than 16 months constitutes a breach of the OBCA and reflects a broader pattern of non-compliance and negligence of basic fiduciary duties by Labrador and an entrenchment of Labrador's leadership.
The Meeting requisition requests that a meeting of shareholders be held as soon as practicable, and in any event no later than January 18, 2025, to bring Labrador in compliance with corporate legislation and shareholders meeting obligations while ensuring that Labrador can pursue a credible plan to enhance value for all shareholders. This date reflects both the seriousness of the Labrador's ongoing statutory non-compliance and the urgency of restoring proper corporate governance, while still providing Labrador with adequate time to prepare and deliver all required meeting materials.
The Meeting has been requisitioned by the Concerned Shareholders for the following purposes:
a) to remove the incumbent directors of Labrador, being James Borland, Trevor Boyd, and Roger Moss, as well as any directors who may be appointed to the board of Labrador prior to the Meeting;
b) to elect four new directors to the Board, being Kulwant Malhi, Ronald Wortel, Jean Lafleur, and Tara Asfour.
Upon Labrador's initiation of the required steps to schedule the Meeting, set a record date, and distribute meeting materials to shareholders, the Concerned Shareholders will present the broader shareholder base with a comprehensive plan to advance Labrador's economic objectives going forward. This plan will outline a commercially viable strategy for deploying the Company's cash reserves and project acquistions and will provide shareholders with a clear opportunity to vote on a defined economic path forward for Labrador.
Concerned Shareholders Nominees' Profiles
Kulwant (Kal) Malhi is a Canadian entrepreneur, venture capitalist, and retired law enforcement officer with a distinguished background in financial markets and innovation. A former member of the Royal Canadian Mounted Police, Mr. Malhi served in the drug enforcement and organized crime divisions, where he gained critical expertise in investigation, strategic operations, and leadership under pressure. In 2008, he founded BullRun Capital Inc., a venture capital and private equity firm that has since become a driving force in financing and guiding early-stage ventures with transformative potential. Over the course of his career, Mr. Malhi has raised and deployed more than
Ronald Wortel is a seasoned finance executive with over 30 years of experience in the resource industry, specializing in project analysis, transaction due diligence, and financing. He began his career in 1997, providing equity research coverage on the mining sector for sell-side investment banks including National Bank, Dundee Capital, and Northern Securities. Initially focused on major gold companies, he later shifted to the junior resource sector with an emphasis on near-term production stories. In 2006, he joined Pathway Asset Management, a resource-focused fund providing flow-through financing to exploration companies. During his tenure, he reviewed hundreds of gold and other resource projects as the fund deployed over
Jean Lafleur is a Professional Geologist with 45 years of experience in mineral exploration and geology, both in Canada and internationally, including the USA, Mexico, Latin America, Ireland, Spain, and Africa. He has held C-suite executive roles with a number of junior exploration companies, successfully leading exploration programs in Quebec, Ontario, Mexico, and Africa. Early in his career, Mr. Lafleur worked with major companies such as Newmont, Falconbridge, Dome Mines, and Placer Dome, where he gained foundational experience in exploration for precious and base metals, nickel and PGEs, uranium, and iron. Since the early 2000s, he has remained active as a technical, management, and financing consultant for junior explorers through his private consultancy firm. His expertise spans corporate and project evaluations, audits, technical reporting, exploration program planning and execution, as well as investment presentations across Canada, the U.S., and Europe. Mr. Lafleur holds B.Sc. and M.Sc. degrees in Geology from the University of Ottawa and has consistently demonstrated strong leadership, strategic planning, and a proven track record in guiding teams toward successful mineral discoveries. He currently serves as a Senior Consultant, North America, for Appian Capital Advisory LLP, a mining-focused private equity firm based in London, UK, where he leverages his extensive professional network to source and evaluate potential mining investment opportunities in North America. In addition to his work with Appian, Mr. Lafleur is engaged as a mineral exploration consultant and contractor with Explo-Logik Inc. and Dolomite International, continuing to contribute his expertise to exploration efforts worldwide.
Tara Asfour is a capital markets executive with over 12 years of experience specializing in investor relations, fundraising, business development, corporate communications and marketing. She has built her career across the resource and technology sectors, advising both public and private companies on capital markets strategy and growth. Ms. Asfour currently serves as an advisor on Communication and Investor Relations at LaFleur Minerals Inc. and Director of Investor Relations at Fancamp Exploration Ltd. Throughout her career, she has held progressive leadership roles including Director Business Development at Central America Nickel Inc., Investor Relations Manager at Red Pine Exploration Inc., Director Business Development at Partners Capital Group, Advisor at FairGreen Capital Partners, Communications Director at Prime Drink Group Corp, among others. Across these mandates, Ms. Asfour has led over US
Additional Information
The information contained in this news release does not and is not meant to constitute a solicitation of a proxy within the meaning of corporate or securities laws. At this time, the Company does not currently intend to publicly solicit proxies or to acquire additional shares before the Meeting, but reserves the right to reconsider these positions in compliance with applicable securities laws.
The Company emphasizes its commitment to elevating Labrador's transparency, governance, and operational excellence within the global mining and resources sector. The board nominees intend to reposition Labrador for long-term success through prudent capital allocation, leadership renewal, and the pursuit of value-accretive opportunities, guided by a professional and shareholder-focused approach.
ABOUT COLOURED TIES CAPITAL INC.
Coloured Ties is a publicly traded Canadian-based venture capital firm focused on early-stage investments in companies in the junior resources and breakthrough and disruptive technologies. Coloured Ties' investment strategy is to invest early in multiple private and public companies across a variety of sectors that merit investment to advance promising ventures globally. Coloured Ties invests early-stage in promising projects, serving as the Founding or Early-Stage investor and providing investees with advisory services and access to the Company's ecosystem.
For further information, please contact:
Kal Malhi
Chief Executive Officer
kal@bullruncapital.ca
Ph: 604-805-4602
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.
Forward-Looking Statements: Certain information in this news release may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking statements and information generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "plans," "continue," or similar expressions suggesting future outcomes or events. Forward-looking information in this news release may include, but is not limited to, statements of the Company regarding (i) how the Company intends to exercise its legal rights as a shareholder of Labrador, and (ii) its plans to make changes to the board of directors of Labrador.
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