Vancouver, BC (FSCwire) - Vishal Gupta and Patrick Cronin, as concerned shareholders (the "Concerned Shareholders") of East Asia Minerals Corporation (the "Company") have issued a proxy circular dated January 12, 2018 (the "Circular"), and a supplement to the Circular dated January 23, 2018 (the "Supplement" and together with the Circular, the "Concerned Shareholders' Materials") urging you to create positive change for the Company by voting for Vishal Gupta, Kim Oishi, Michael Hawkins, and Rick Huang (the "Concerned Shareholders' Nominees") at the upcoming annual meeting of shareholders of the Company to be held on February 1, 2018.

 

The Concerned Shareholders urge you to vote the GREEN or BLUE form of proxy or voting instruction form as soon as possible, and by no later than 10 A.M. on January 30, 2018.

 

In an effort to bring clarity to the convoluted and non-transparent conduct of the Company’s current board of directors (the “Board”), the Concerned Shareholders would like to highlight the following facts about Mr. Terry Filbert, the Chief Executive Officer and the Chairman of the Board:

 

• According to the System for Electronic Disclosure by Insiders (SEDI), Mr. Filbert purchased all of his 230,000 shares of the Company at an average price of $0.105 per share in October 2017, once he had come to the realization that the Concerned Shareholders may bring a dissident action and propose an alternate board of directors at the Company’s next AGM. It is abundantly clear that since the Board collectively owns only 230,000 shares of the Company, the current directors don’t have a material vested interest as shareholders of the Company.

 

• As per the Company’s Management Information Circular filed on SEDAR on January 5, 2018, Mr. Filbert’s current retainer from the Company is estimated at US$20,000 per month.

 

• It is the Concerned Shareholders’ contention that Mr. Filbert, as the CEO of the Company and as the Chairman of the Board is EXPENDING ALL OF THE COMPANY’S REMAINING FUNDS AND DRIVING THE COMPANY TO INSOLVENCY for the following two reasons:

 

●  To continue getting his excessive monthly retainer of US$20,000 per month; and

 

●  To prevent any proper oversight/investigation of the Company’s financial and operational expenditures/activities under his stewardship.

 

Below is an excerpt taken directly from the Company’s audited annual financial statements for the year ended August 31, 2017 that clearly illustrates the EXTREMELY EXCESSIVE General & Administrative expenditure under the direction of the Board and Mr. Filbert. In addition, the Concerned Shareholders would also like to note that the Company was essentially dormant until January 2017, which implies that the expenditure highlighted below was incurred by the Company in only SEVEN months from January to August 2017.

 

To view the graphic in its original size, please click here

 

The Concerned Shareholders would also like to point out that the Board has recently been publishing negative commentary about Mr. Michael Hawkins, who is one of the Concerned Shareholders’ Nominees. Below is an excerpt taken directly from a press release that the Board published on August 25, 2017:

 

To view the graphic in its original size, please click here

 

Now that Mr. Hawkins has agreed to be a part of the Concerned Shareholders’ Nominees and help provide proper operational guidance to progress the Miwah deposit, Mr. Filbert contends that Mr. Hawkins is not the right person to operate in Indonesia. It is quite apparent to the Concerned Shareholders that the Company’s current Board is interested in one thing, and one thing only – and that is preserving their own positions and preventing any oversight related to the expenditure of shareholders’ capital at any and all costs.

 

Time for you to make a positive change at East Asia Minerals

 

The Concerned Shareholders' Materials contain a detailed description of the Concerned Shareholders' concerns about the current management of the Company and the incumbent directors, as well as the plans that the Concerned Shareholders' Nominees have to move the Company forward.

 

The Concerned Shareholders urge you to vote FOR the Concerned Shareholders' Nominees using either the BLUE form of proxy or voting instruction form mailed with the Circular OR the GREEN form of proxy  or voting instruction form filed online at www.sedar.com under the Company's profile.  PLEASE VOTE YOUR GREEN OR BLUE PROXY or VOTING INSTRUCTION FORM BEFORE JANUARY 30, 2018 at 10:00 A.M. PST.

 

For assistance with obtaining the "control number" required to vote your Shares using a voting instruction form, Non-Registered Shareholders should contact their broker or other intermediary or, in the case of non-objecting beneficial shareholders, Broadridge Financial Solutions, Inc. at ProxyRequest.ca@broadridge.com.

 

Yours truly,

 

Concerned Shareholders

 

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If you would like more information about the above news release, please contact Vishal Gupta at vgupta@caligold.ca or +1-647-466-0506.

To view the associated document to this release, please click on the following link:
public://news_release_pdf/EastAsia01292018.pdf

To view the original release (with media), please click here

Source: East Asia Minerals Corporation (TSX Venture:EAS)

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