East Asia Minerals Concerned Shareholders' Update
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FOR IMMEDIATE RELEASE Contact: Vishal Gupta
Phone: +1-647-466-0506
Email: [email protected]
EAST ASIA MINERALS CONCERNED SHAREHOLDERS' UPDATE
Vancouver, B ritish Columbia , January 27, 2018 – Vishal Gupta and Patrick Cronin, as concerned
shareholders of the Company (the "Concerned Shareholders") 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' N ominees") at the upcoming annual meeting of shareholders of East Asia Minerals
Corporation to be held on February 1, 2018.
Please note that the AGM date has been chan ged to February 1, 2018, at 10 A .M. 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.
Despite the fact that Mr. Patrick Cronin is not a Concerned Shareholders’ Nominee, i t has come to our
attention that false information is being disseminated abo ut Mr. Cronin by, or on behalf of , East Asia
Minerals. The Concerned Shareholders want to set the record straight once and for all by providing further
information about Mr. Cronin.
Mr. Cronin holds 600,000 common shares in the capital of East Asia Mineral s that were acquired in the
private placement completed by East Asia Minerals in May 2017 at $0.12 per share. These 600,000 shares
represent approximately three times the number of shares held by all of the current members of the
East Asia Minerals board of directors, combined.
Mr. Cronin’s Personal Information Form (PIF) is registered with the TSX-Venture exchange, and he is
fully eligible to serve as a Director and an Officer of a public company. In fact, Mr. Cronin currently serves
as not only a director, but the Chairman of the board of directors of California Gold Mining Inc., a TSX -
Venture exchange listed advanced-stage gold exploration company with assets in California and Ontario.
In light of these defamatory comments by the Company, the Concerned Shareholders have sent the
Company a cease and desist letter.
Additionally, the Company’s letter to all shareholders dated January 15, 2018 also contained false
information about Mr. Michael Hawkins. Mr. Hawkins was CEO of East Asia Minerals from 2007 to
2011. During this time, the Company paid a dividend totaling approximately $70 million to
shareholders, had a peak market capitalization of over $500 million, and boasted a pre-consolidation
price of $8 per share. He has not had any issues with the Aceh government during his tenure as CEO,
and there is no independent evidence that the Aceh government has any issues with Mr. Hawkins.
In contrast, the current CEO and Chairman of the Company, Mr. Terry Filbert, was previously the
Managing Director of Borneo Resource Investments Ltd. (“Borneo”), a gold mining resource company
that he operated with R. Scott Chaykin, another director on the Company’s current board. Borneo was
trading at $0.20 when Mr. Filbert became the Managing Director on March 21, 2014 but is now trading
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at $0.0006. It’s clear that no shareholder value was created by Mr. Filbert or Mr. Chaykin, who was CFO
at the time, for Borneo.
Additional Information on Mr. Patrick Cronin
Mr. Cronin has also served as President of Patrick J. Cronin Insurance & Financial Services since 1994, and
President and Principal of Interra Management Group Limited since 2004 (“Interra”). Interra is a
commercial real estate management and development company with properties located throughout
Ontario.
On January 15, 2015, Patrick Cronin entered into a settlement agreement with the Mutual Fund Dealers
Association of Canada (the “MFDA”) wherein Mr. Cronin admitted that, between January 11, 2002 and
November 8, 2011, he had and continued in another gainful occupation that was not disclosed to and
approved by the members of the MFDA with whom he was registered in succession, by arranging
private loans and mortgages for third party borrowers and lenders, some of whom were clients of the
MFDA members, contrary to MFDA Rules 1.2.1(c) and 2.1.1. As part of the settlement, Mr. Cronin
agreed to (a) accept a prohibition for a period of ten years from conducting securities related business
while in the employ of or associated with any MFDA member, (b) pay a fine in the amount of $10,000 to
the MFDA, (c) pay costs in the amount of $2,500 to the MFDA; and (d) comply with MFDA Rules 1.2.1(c)
and 2.1.1. The foregoing settlement agreement was approved as an order by the MFDA on January 16,
2015. The foregoing matter has been publicly disclosed previously, and in no way has any bearing on
Mr. Cronin's ability to be involved with public companies.
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
Yours truly,
Concerned Shareholders
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If you would like more information about the above news release, please contact Vishal Gupta at
[email protected] or +1-647-466-0506.