September 7, 2023 Newsfile Corp
Google:
15316171 Canada Inc. Aquiries Control of Over 5% of the Shares of Search Minerals Inc and Itends to Seek Board Changes
---------------------------------------------------------------------------------------------------------------------------------------
Great to see a someone challenging the completely incompetent leadership of the conflicted board members (collectively as InCoR ) and separately as George Molyviatis and Jocelyn Bennett.
Ever since they fired there long term President and CEO the company has been in downward death spiral of rotating management hires, fires and resignations. The company has raised no money, debt grows daily and with no real management the Board has been silent while watching the company crumble around them. No meaningful Shareholder Update has been provided and you can never get a call back.
By my interpretation of Canadian security rules I can't see any argument supporting this board as Independant It just doesn't check the boxes The individual committees, audit, compensation etc is another story
Trying to push through a predatory loan at 22.5 % directly with InCoR with additional onerous terms is a stark example questionable independence
It would also be nice to know if the Government grants are still in good standing under the chaotic circumstances surrounding the company and its hopefully soon to be removed InCoR board members
Maybe this news release finally gets the attention of both the TSX and the Securities Commision to take a closer look.