Select Sands Concerned Shareholders Seek To Elect a New Board
08 Agosto 2019 - 8:00AM
A group of shareholders of Select Sands Corp. (
“Select
Sands” or the
“Company”) (TSXV: SNS |
OTCQB: SLSDF) led by John LaGourgue (the
“Concerned
Shareholders”) are demanding change, starting with the
election of a new Board of Directors at the Company’s currently
scheduled annual general meeting (the
“AGM”).
The Concerned Shareholders believe that current
management has not done what needed to be done in order to curb the
Company’s high burn rate, low sales volume and low share price –
the Concerned Shareholders believe that these objectives are
critical to the Company’s survival, especially now when the Company
and frac sand industry in general are in a down-cycle and there is
a significant oversupply of Northern White sand. The Concerned
Shareholders believe that, without immediate and decisive action to
address the current ratio of income to expense, the Company
will run out of money before the end of the year.
This is not in the best interest of the Company or its
shareholders.
The Concerned Shareholders believe that the Company
should be run differently and that the Nominees have the
credentials and the will to do so. The Concerned Shareholders
want to help the Company increase shareholder value by cutting
costs and looking at strategic alternatives (including the current
business)Although the current board and management are aware of the
gravity of the situation, they have failed to cut costs (consisting
primarily of management fees) or take other decisive action to save
the Company, and the Concerned Shareholders have decided that it is
in the Company’s best interest to downsize and replace the current
Board of Directors at the Company’s upcoming AGM, which is
currently scheduled for August 15, 2019.
At the AGM, the Concerned Shareholders plan to ask
the shareholders of the Company to reduce the number of directors
from six to three, and to elect John LaGourgue, Rasool Mohammad and
Scott Kelly as directors of the Company (collectively, the
“Nominees”).
About the Nominees:
Mr. LaGourgue has a broad range of business
experience in multiple industries, both public and private. He has
served as President and Director for several companies in mining,
oil and gas and in executive positions covering sales, financing
options, purchasing and logistics, operational and technical
solutions for clients across North America. He is currently
VP Corporate Development and serving on the board of Grande West
Transportation Inc., and is an avid micro-cap investor and
MicroCapClub member. Mr. LaGourgue has an investing and
capital markets career with 20+ years of management, sales,
financial and investment experience in public and private
companies. Mr. LaGourgue has served in various management and
directors’ roles in micro-cap companies from 2009 to present. Mr.
LaGourgue graduated from the University of Hawaii in 1993 with a
Bachelor’s degree in Finance, with honours. Mr. LaGourgue
owns 300,000 shares of the Company.
Mr. Kelly has been an officer or director of both
private and public resource companies for over 15 years. Mr.
Kelly has held the position of officer for companies with resource
projects in the United States, Mexico, China and Chile and has been
responsible for the coordination of all financial operations in
collaboration with the companies' respective management teams.
Mr. Kelly holds a Bachelor of Commerce degree from Royal
Roads University. Mr. Kelly does not own any shares of the
Company.
Mr. Mohammad needs no introduction. Until
very recently, he was a director and senior officer of the
Company. After becoming aware of shareholder concerns about
the Company’s high burn rate, he attempted to persuade management
that it should initiate cost-cutting measures. After it
became clear to him that management was not to be persuaded, he
resigned and joined the Concerned Shareholders in their effort to
reset management. Mr. Mohammad has worked in the mining and
mineral exploration industry throughout the Americas. He is
the founder of Select Sands and worked as a CEO and COO for the
Company; he recently resigned from his positions with Select Sands
in order to join the team of Concerned Shareholders in an effort to
effect change in the Company. He graduated from the NWFP
University of Engineering and Technology, Peshawar, Pakistan in
1991 with a B.Sc. (Mining Engineering). He has over 20 years of
work experience in the mining and mineral exploration
industry. Mr. Mohammad owns 1,664,500.
The Concerned Shareholders are not soliciting
proxies with this news release. Any proxies solicited by the
Concerned Shareholders will be solicited pursuant to a dissident
information circular filed on SEDAR.
For further information, please contact Rasool
Mohammad at 1-604-868-7737.
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