East Asia Minerals Reminds Shareholders of Important Vote Your investment is at risk.
East Asia Minerals Reminds Shareholders of Important
Vote
Your investment is at risk.
Shareholders reminded to vote prior to January 23, 2018.
Largest shareholder at over 20%,
supports
the incumbent Board.
New management team and Board of Directors have poised the Company for growth in 2018.
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2018) - East Asia Minerals Corporation (TSXV: EAS) ("
East Asia
Minerals
" or the "
Company
") reminds shareholders of the important vote at this year's annual and special general meeting (the
"
Meeting"
) being held on January 26, 2018.
"At the upcoming Meeting, shareholders will face a contested election for the Board of Directors," explained Terry Filbert, East
Asia Minerals' CEO and Chairman. "In March 2017, I joined East Asia Minerals as CEO and Chairman, along with a new Board
of Directors and management team to lead the Company. Since then, your new team has accomplished more in the last few
months than the previous management team and directors had over the past five years. The strategy set by the incumbent Board
has preserved and revitalized our assets. However, the dissident nominees pose a threat to this positive momentum."
Furthermore, the
Company is pleased to announce that its
largest shareholder
holding
over 20
%
of the outstanding shares
,
Tocqueville Asset Management
, is supportive of the
renewed
m
anagement team and Board of Directors. This support is
further evidenced by their vote cast in favour of t
he incumbent Directors
.
Background
On December 22, 2017, the Company received notice from Messrs. Vishal Ghupta and Patrick Cronin, stating their intentions to
put forward five dissident director nominees (the "
Dissident Nominees
") for election at the upcoming Meeting to replace the
incumbent board. Shareholders should be make an informed decision before voting and note the following:
The proposed five dissident nominees has been reduced to four and Mr. Cronin is no longer a dissident director nominee.
This is most likely due to the Company having uncovered and disclosing crucial information to Shareholders that
Mr.
Cronin is
currently serving a 10 year ban sanctioned by the Canadian securities regulatory authority, the
Mutual Fund Dealers Association, for problematic actions
. Although Mr. Cronin is no longer a dissident nominee, he
is still leading the dissident campaign with Mr. Ghupta.
More startling details about the Dissident Nominees can be found in the
letter to shareholders
dated January 15, 2018 that was
recently mailed out to shareholders.
The letter to shareholders can also be found on the Company's website at
www.eastasiaminerals.com
.
Dissidents' Faulty Business Plan
The Sangihe and Miwah Projects
The dissident's state they will immediately stop all activities and expenditures on the Company's Sangihe project and focus
solely on the Miwah project should the Dissident Nominees be elected.
This statement only emphasises the lack of knowledge
the Dissident Nominees have regarding the Company and the intricacies involved in its projects in Indonesia.
Management and the Board of Directors aim to develop both the Sangihe and Miwah projects
.
When the new
management
team and Board of Directors
started,
the
Sangihe
asset was within a few weeks of being lost as a result of
unpaid and over
due Dead
rent. This woul
d have been devastating to the Company due to Sangihe being
the only asset that
can provide revenue and profit in the near term
,
as well as provide a much larger resource once it is completely explored and
drilled.
With regards to the
Miwah
project, the local Aceh government had deemed it
abandoned by the former management
due to
non payment of
fees
, no
filing
of
any reports required by the
Aceh
gover
n
ment since 2015
, and the former
management's unresponsiveness to a
legal issue
brought forth b
y a government official in that same year.
Since joining in
March 2017, t
he current management
team has
been
working on repairing the Company's relationship with the Indonesian
government and has started to establish good will w
ith members of the Aceh and Federal governments
,
in order
to
develop
a
path to bring
the
Miwah
project
current and
to show the Company's sincerity in making Miwah
a success.
Demonstrating that
the C
ompany can bring
the
Sangihe
project into production is
imperative in convincing those officials that East Asia
Minerals
is no longer a
"
talk only
" company but a real and profitable
mining company that does as it promises.
To abandon the
Sangihe project as the dissidents propose, is to also abandon
the
Miwah
project
.
Detailed
information
regarding the
projects
and the 2018 work plan
can be found in the investors presentation
s
on the Company's website at
www.eastasiaminerals.com
.
No Succession Plan
Additionally, the Dissident Nominees have admitted to having no succession plan should they take the Company over and state
that they "have made no definitive determinations as to the composition of the management team...". Shareholders should be
concerned that with no leader and no management team to helm the Company, the great progress accomplished to date, may
start back at ground zero. Shareholders should not have to settle for an uncertain future with an uncertain and unproven team.
Vote FOR the Renewed and Experienced Board of Directors Who Are Delivering
The renewed Board of Directors and management team have placed the company in a position to grow and they have been
able to accomplish more in the last few months than the previous management team and directors had over the past five years.
The Company is at the cusp of becoming a profitable producer in 2018 and adding value to its shareholders' investment.
Therefore, now is not the time for change.
V
ote FOR the recently renewed Board of Directors
who has and will continue
to steward the Company forward.
Shareholders
are e
ncourage
d
to vote online or by telephone by using management's
WHITE
proxy, prior to the
deadline on January 24
th
at 10 a.m.
(Vancouver Time).
Further Information or Assistance
East Asia Minerals has retained Laurel Hill Advisory Group ("Laurel Hill") as their Proxy Solicitation Agent. For more information
or if you require assistance with voting, please contact Laurel Hill at:
Laurel Hill Advisory Group
North America Toll Free:
1-877-452-7184
Collect Calls Outside North America: 1-416-304-0211
Email:
or
Mark Sommer
East Asia Minerals Corporation
Telephone: 1-604-684-2183
Email:
The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101
feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved
increased uncertainty and various technological and economic risks outlined in the "forward looking statement" below
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the
meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to,
statements or information concerning future work programs, results and timing of any work programs, the Company's
performance or events as of the date hereof. These statements reflect management's current assumptions and expectations
and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other
factors which may cause actual results, performance or events to be materially different from those expressed or implied by
such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of
mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our
expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates,
refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration
risks and production and economic risks related to design and engineering, manufacturing, technological processes and test
procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and
maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a
detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional
advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking
statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any
forward looking statements to reflect events or changes in circumstances that occur after the date hereof.