BOCA RATON, Fla., April 14, 2021 (GLOBE NEWSWIRE) -- Red Oak Partners, LLC (“Red Oak Partners”) announced today that it amended the information disclosed in the alternative monthly report filed on April 5, 2019. Red Oak Partners is voluntarily ceasing to file reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) for Dynacor Gold Mines Inc. (the “Reporting Issuer”).

Red Oak Partners, a Florida limited liability company, is an investment advisor that furnishes investment advice to and manages certain investment funds including, The Red Oak Fund, LP, The Red Oak Long Fund, LP and The Red Oak Institutional Founders Long Fund, LP (together, the “Funds”).

Red Oak Partners recently made attempts to initiate discussions with the Board of the Reporting Issuer regarding strategy and corporate governance of the Reporting Issuer as well as a reconstitution of the Board. To the extent discussions with the Board are unsuccessful, Red Oak Partners may take further steps as it deems appropriate, including, without limitation, nominating directors for election at the 2021 annual meeting and engaging in further discussions with, or solicitations to, shareholders of the Reporting Issuer or other third parties about the Reporting Issuer. If discussions with the Board are concluded in a manner that is satisfactory to Red Oak Partners, it will file an amended early warning report to provide an update as appropriate.

As of the date hereof, the Funds hold 5,067,238 Common Shares, representing approximately 13.1% of the issued and outstanding Common Shares (as reported in the Reporting Issuer’s management’s discussion and analysis dated March 30, 2021).

The Funds have ownership over all of the securities described herein. In its role as investment advisor or manager to the Funds, Red Oak Partners exercises control or direction over the securities of the Reporting Issuer described in this press release. All of the securities of the Reporting Issuer described in this press release are held by the Funds for the benefit of their respective investors.

A report on Form 62-103F2 - Required Disclosure by an Eligible Institutional Investor under Section 4.3 is being filed by Red Oak Partners in accordance with NI 62-103 and will be available under the Reporting Issuer's profile at www.sedar.com. The head office of the Reporting Issuer is 625 René Lévesque Boul., Suite 1200 Montreal, Quebec H3B 1R2. The address of Red Oak Partners is 95 S. Federal Hwy, Suite 201 Boca Raton, FL 33432.

FOR MORE INFORMATION:

For further information and to obtain a copy of the early warning report filed by Red Oak Partners, please see the Reporting Issuer’s profile on the SEDAR website (www.sedar.com) or contact Anthony Snow, President and Director of Research, Red Oak Partners at asnow@redoakpartners.com.

About Red Oak Partners

Red Oak Partners is a value-oriented investment firm based in Boca Raton, Florida. Founded in 2003, the firm focuses on sub $1 billion market cap companies in North America employing a research intensive, long-term approach. Red Oak Partners has a long track record of generating attractive risk-adjusted absolute returns while focusing on capital preservation and low correlation though market cycles.