Vancouver, British Columbia (FSCwire) - 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' Nominees") 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 changed 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, it has come to our attention that false information is being disseminated about 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 Minerals 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 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 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/EastAsia01272018.pdf

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

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