- K2 & Associates receives confirmation of support from Muddy Waters, owner of approximately 10.19% of the issued and outstanding shares of GT Gold
- Muddy Waters has lost trust in Mr. Ashwath Mehra and Mr. James Rutherford and intends to vote in favour of K2’s highly qualified, independent nominees to replace Ashwath Mehra, James Rutherford and Charles Tarnocai as directors of the Company
- K2 also announces that it has established an anonymous tip line for current and former GT Gold stakeholders at 1.833.335.6118
- K2 thanks shareholders for overwhelming support received to-date
TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) -- K2 & Associates Investment Management Inc. (“K2”), one of the largest shareholders of GT Gold Corp. (“GT Gold” or the “Company”), holding over 12% of the Company’s shares, is pleased to announce support from Muddy Waters Capital LLC (“Muddy Waters”), one of the largest shareholders of the Company, which owns or controls, together with its related entities approximately 10.19% of the issued and outstanding shares of the Company.
Based on comments made by Muddy Waters and various other investors and stakeholders regarding the self-serving practices of Ashwath Mehra and James Rutherford, K2 has established an anonymous tip line for current and former GT Gold stakeholders to report similar incidents.
Darren McLean added that “One of the primary drivers for starting our campaign is our concern that Mr. Mehra and Mr. Rutherford have repeatedly failed to lead the board to act in the best interests of all shareholders. Since launching our campaign, we have received further information suggesting that the GT Gold board has failed to act in the best interests of shareholders by engaging in unnecessarily dilutive financing transactions. While we intend to conduct a full review after transition of the board, we have established an anonymous tip line for current and former GT Gold stakeholders who wish to provide information for the benefit of all shareholders in considering our requisition.”
The tip line can be reached at 1.833.335.6118. K2 wishes to thank all stakeholders that have contacted us to provide support to date and we look forward to engaging further with each of you once the transition is complete.
ABOUT K2 GROUP
K2 is an Ontario based hedge fund manager with a 20-year track record of successfully managing money and creating value for our shareholders and stakeholders at large.
For more information about K2, visit www.K2.ca.
FOR MORE INFORMATION:
Marcus Campbell
Senior Vice President, Strategy
Gryphon Advisors Inc.
Email: mcampbell@gryphonadvisors.ca