Is this CCD future! Walk like a duck, talks like a......
Search Minerals holder calls for board resignations
2024-02-16 10:10 ET - News Release
Mr. Joseph Lanzon, a shareholders, reports
JOCELYN BENNETT AND GEORGE MOLYVIATIS MUST RESIGN FROM THE SEARCH MINERALS INC. BOARD NOW
Open letter to the Search Minerals Inc. shareholders,
I am once again writing to you on my own behalf and on behalf of other interested stakeholders of Search Minerals to express the need for fundamental change at the company.
Directors Jocelyn Bennett and George Molyviatis are facing serious allegations of fraudulent misrepresentation in British Columbia and are subject to a criminal investigation in Switzerland on charges of misappropriation of investors' funds, criminal mismanagement and fraud. Faced with these types of serious allegations, which undermine investor confidence and harm the interests of the company, these directors should resign. We deserve better.
Recently (Nov. 11 and Dec. 22, 2023), the Supreme Court posted two decisions in the fraudulent misrepresentation action in British Columbia.
In a ruling by the Supreme Court of the Commonwealth of the Bahamas in August 2022, the Supreme Court described the criminal allegations against Mr. Molyviatis and Ms. Bennett in Switzerland.
We appreciate the thousands of site visits by our shareholders and their overwhelming support for this necessary change. This board has not provided the shareholders with any strategic vision nor displayed any competence; they do not even have a website for shareholders to visit.
The concerned shareholders of Search Minerals continue to raise substantive issues respecting Search Minerals' current board and the dysfunctional management of the company. This current board's actions have seriously damaged the company and the interests of shareholders by having the shares halted for compliance review since Dec. 19, 2023. This board has not issued any substantive corporate update since Nov. 2, 2022. An annual general meeting (AGM) should have been called by the directors before Feb. 2, 2024. They did not call a meeting; another failure by this board at the expense of Search shareholders.
The concerned group will now take the appropriate steps under British Columbia law to call the AGM ourselves. We regret having to take this step due to the inaction of the current board. The funds necessary to undertake this process could have been better used to advance the rare earth project.
Search Minerals' shareholders deserve a professional, ethical and responsible leadership team to engage with the community, guide development and build long-term value through sustainable investment in our world-class rare earth element mining project in southeastern Labrador. We need to proceed with our bankable feasibility study and establish a revised project sanction date.
We have a strategic vision, including financing, to advance Search Minerals, but it cannot be done with the current board of directors. We are building a very strong and capable advisory board to turn this company around and to start moving in the right direction.
The time for change is now. As such, we demand the immediate resignations of Mr. Molyviatis and Ms. Bennett, and we will replace them with Mr. Lanzon and a representative from our indigenous partner, NunatuKavut Community Council (NCC), along with another independent board member.
Mr. Lanzon is an experienced, executive-level advocate with a proven record of promoting shareholders' interests at the highest levels of government and the TSX Venture Exchange. Mr. Lanzon is well positioned to secure financing for the company and to strengthen board governance and accountability.
From,
Joseph Lanzon