VANCOUVER, B.C. January 26, 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 30th at 10 a.m. (Vancouver Time).
Further Information or 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
East Asia Minerals Corporation
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.