Leading Independent Proxy Advisory Firm Recommends that Shareholder's of East Asia Minerals Vote FOR the Incumbent Board
Leading Independent Proxy Advisory Firm Recommends
that Shareholder's of East Asia Minerals Vote FOR the
Incumbent Board
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2018) - East Asia Minerals Corporation (TSXV: EAS) ("
East Asia
Minerals
" or the "
Company
") is pleased to announce that Glass Lewis & Co ("
Glass Lewis
") supports the election of
management's nominees for the board of directors who is currently in place. With regards to the adjournment of the shareholder
meeting to Thursday, February 1, 2018, the Company will address the reasons in forthcoming communications.
Glass Lewis is a leading independent corporate governance and proxy advisory firm who provides analysis and vote
recommendations intended to assist its clients in making proxy voting decisions. These clients include pension funds,
investment managers, mutual funds and other institutional shareholders who rely on Glass Lewis' expert and unbiased
recommendation. After carefully reviewing the facts and arguments made by both the Company and Messrs. Vishal Gupta and
Patrick Cronin (the "
Dissidents
"), Glass Lewis has made the following points in recommending a vote FOR the incumbent
Board against the Dissident's proposed slate.
"We welcome the unbiased report and recommendation from Glass Lewis," said Terry Filbert, CEO and Chairman of East Asia
Minerals. "Glass Lewis' analysis backs our belief that the future of
the Company best lies in the hands of the incumbent board
who have worked hard to bring the Company back on track since being appointed in March 2017."
On the Dissident's plan- "largely lacking in substance"
"... the Dissidents have failed to provide shareholders with key details as to how its nominees would go about enacting the
Dissidents' plan for the Company...the Dissidents have not outlined a funding plan for the development of the Miwah
Project, nor have the Dissidents indicated how its nominees would specifically go about obtaining the requisite
government approvals for the project. The Company has also noted that the Aceh Government will not work with the
Company's former management...
we believe that the Dissidents' plan for the Company is largely lacking in substance
."
On the current Board's Plan- "sensible"
"...by bringing the Sanighe Project into a stage of production and cash flow generation, the Company would be better
positioned to internally fund the development of the Miwah Project, as well as rebuild trust and goodwill with the relevant
government authorities."
On the Dissidents - "back-door attempt...to gain control"
"the lead Dissidents (I.e., Messrs. Vishal Gupta and Patrick Cronin) hold leadership roles [President and CEO and
Chairman respectively] with a competing mining firm in CGM [California Gold Mining Inc.]. We believe that these factors
could perhaps be more indicative of a back-door attempt by the Dissidents/CGM to gain control of the Company, as
opposed to a committed major shareholder truly looking to promote positive and proactive changes at the Company."
Overall, the Dissidents have cost the Company significant time and money when it could focused on creating shareholder value.
It also bears highlighting that the Dissidents criticism of the current Board's share ownership is hyporcritical when
the dissident
nominees only own approximately 1.0% of the Company's stock
.
The Company would like to thank its shareholders for the tremendous support received to date and to remind those who have
not yet voted, that Shareholders still have time to stop the dissident take over. Vote management's WHITE proxy card FOR the
recently renewed and current Board.
How to Vote
If you have already voted management's WHITE proxy in support of the current Board, no further action is required. Discard any
proxies received from the Dissidents.
If you have not voted or want to change your vote and support the recently renewed Board who is currently in place, you may vote
online or by telephone by following the instructions found in the
management's WHITE proxy card. The later dated proxy card will
count.
Vote
using management's
WHITE
proxy prior to the new deadline on
Tuesday, January 30
th
at 10 a.m. (Vancouver Time).
Further Information or
Voting
Assistance
For more information or if you require assistance with voting, please contact the Company's proxy solicitation agent, Laurel Hill
Advisory Group 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: