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Baru Gold Corp V.BARU

Alternate Symbol(s):  BARUF

Baru Gold Corp. is a Canada-based junior gold developer with NI 43-101 gold resources in Indonesia. The Company is focused on developing and producing precious metals projects in Indonesia. The Company’s focus is on developing precious metals projects with significant resource upside potential and near-term production capabilities. The Company’s Sangihe Gold project mineral tenement consists of one block covering the southern half of Sangihe Island, located between the northern tip of Sulawesi Island (Indonesia) and the southern tip of Mindanao (Philippines). The Sangihe Project covers 42,000ha; this includes the Bawone, Binebase prospects on the eastern part of the island and Taware prospect in the south-central region with infrastructure in place. The Company has a 70% interest in the Sangihe project.


TSXV:BARU - Post by User

Bullboard Posts
Post by proulxmon Jan 19, 2018 11:39pm
139 Views
Post# 27399514

Another important CEO message with more facts

Another important CEO message with more facts

East Asia urges shareholders to vote for its nominees

2018-01-19 17:14 ET - News Release


Mr. Terry Filbert reports

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.

East Asia Minerals Corp. has reminded shareholders of the important vote at this year's annual and special general meeting being held on Jan. 26, 2018.

"At the upcoming meeting, shareholders will face a contested election for the board of directors," explained Terry Filbert, East Asia Minerals' chief executive officer 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 per cent of the outstanding shares, Tocqueville Asset Management, is supportive of the renewed management team and board of directors. This support is further evidenced by its vote cast in favour of the incumbent directors.

Background

On Dec. 22, 2017, the company received notice from Vishal Ghupta and Patrick Cronin, stating their intentions to put forward five dissident director nominees for election at the coming meeting to replace the incumbent board. Shareholders should make an informed decision before voting and note the following:

 

  • The proposed five dissident nominees have 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 disclosed 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 Jan. 15, 2018, that was recently mailed out to shareholders. The letter to shareholders can also be found on the company's website.

Dissidents' Faulty Business Plan

The Sangihe and Miwah projects

The dissidents 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 overdue dead rent. This would 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 regard 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 government since 2015 and the former management's unresponsiveness to a legal issue brought forth by a government official in that same year. Since joining in March, 2017, the current management team has been working on repairing the company's relationship with the Indonesian government and has started to establish good will with members of the Aceh and federal governments, 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 company 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 presentations on the company's website.

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. Vote FOR the recently renewed Board of Directors, which has and will continue to steward the Company forward.

Shareholders are encouraged to vote on-line or by telephone by using management's WHITE proxy, prior to the deadline on Jan. 24th at 10 a.m. Vancouver time.

Further Information or Assistance

East Asia Minerals has retained Laurel Hill Advisory Group as its proxy solicitation agent. For more information or if you require assistance with voting, please contact Laurel Hill.

North America toll-free:  1-877-452-7184

Collect calls outside North America:  1-416-304-0211

E-mail:  assistance@laurelhill.com

 

Alternatively, please contact Mark Sommer, East Asia Minerals.

Telephone:  1-604-684-2183

E-mail:  info@eastasiaminerals.com

 

The company cautions readers that any production decision made by the company will not be based on a National Instrument 43-101 feasibility study of mineral reserves that demonstrate economic and technical viability, and as such, there may be involved increased uncertainty and various technological and economic risks.

We seek Safe Harbor.

© 2018 Canjex Publishing Ltd. All rights reserved.

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