Petromin Resources dissident nominates three directors
2016-11-24 15:25 ET - News Release
Mr. Tyrone Daum, dissident, reports
PETROMIN UPDATE BY DISPLEASED SHAREHOLDERS
Nominee Tyrone Daum has provided an update for displeased shareholders for Petromin Resources Ltd.'s annual general meeting to be held at 2 p.m. on Dec. 15, 2016, at Suite 950, 609 Granville St., Vancouver, B.C.
The meeting will be the shareholders only opportunity to have their proxy heard about the future leadership and direction of the company as the dissidents know their voices are a waste of time with the current directorship of this company. Petromin Resources has 89,170,642 common shares issued. On March 31, 2015, Petromin Resources issued a news release titled "TerraWest statement of claim seeks $1.8-billion (U.S.) in damages." Take all the management's nominees education and experience as stated in Petromin Resources' Nov. 15, 2016, letter to the shareholders that was posted on SEDAR on Nov. 17, 2016, and they still cannot do the simple math to explain why the Petromin Resources' share price is sitting at two cents.
The DeCotiis nominees will soon be issuing a subsequent news release to show the company's shareholders how to cast your vote by voting your proxy in support of the DeCotiis nominees, being Ivano DeCotiis, Tyrone Daum and Francis Landingin, for election as directors of the company.
Don't be fooled or led astray any further with the company's news releases or publications, including the materials posted on SEDAR on Nov. 17, 2016, with respect to the coming meeting. This company's history is bogged down with false and misleading materials that have benefited its directors only. The management's nominees are circulating materials which might seem like an impressive education or experience, but it is all part of a long and continuing sham against Petromin, its shareholders and investors. With all this education and experience, ask yourself the one important question: What have these company directors done for Petromin Resources that has in any way benefited its shareholders or investors? Shareholders are being shammed with a two-cent stock that is currently not worth 0.5 cent.
International arbitration
On March 31, 2015, the company announced, by way of a news release, that TerraWest Energy Corp. was involved in international arbitration and the claim was for $1.8-billion (U.S.).
On Nov. 19, 2007, the company announced, by way of a new release, that the company (Petromin Resources) and its nominee (Mega Investment Development Corp.) have successfully acquired 80 per cent ownership of TerraWest Energy. Petromin and its nominee now hold a significant interest in a CBM (coal-bed methane) production-sharing contract. The Petromin news release goes on to further state that the transaction was carried out at arm's length. This Petromin news release, issued by A. Ross Gorrell, co-chairman, president and director of the company and currently seeking to be re-elected as part of the management's nominees, provided false and misleading information in this Nov. 19, 2007, Petromin news release. Mega Investment Development Corp. is a fictitious name used to hide the true name of Mega Investment Development Ltd., a company incorporated in Hong Kong by Petromin Resources' then directors A. Ross Gorrell, Kenny W. Chan, Peter Tak Yuen Ho and Jimmy Kwok Kwong Lau, with Mr. Lau being the sole director for Mega Investment Development Ltd. This is most definitely not an arm's-length transaction as reported by Mr. Gorrell in the Nov. 19, 2007, news release.
Petromin Resources' then directors breached their fiduciary duties by diverting the company's opportunity to purchase TerraWest Energy shares to corporations in which they held a personal interest. This violated the strict ethic which "disqualifies a director or senior officer from usurping for himself or diverting to another person or company with whom or with which he is associated a maturing business opportunity which his company is actively pursuing" (Canadian Aero Service Ltd. versus O'Malley et al., 1974, Supreme Court of Canada SCR 592 at 607). Mr. Daum and Mr. DeCotiis have commenced legal proceedings to have the courts legally return of the company's property (TerraWest shares) currently being held by Mr. Gorrell, Adrian Alan Wan Tsun Chan, Kenny W. Chan, Mr. Ho (currently chairman, chief executive officer and a director of Bayshore Petroleum Corp., publicly trading on the Toronto Stock Exchange) and others in a British Virgin Island company called Chinook Holding Ltd.
The current company directors are willfully and deliberately failing to include their assistance and or known relationships with TerraWest, Mega Investment Development Ltd., Chinook Holdings and others in their long list of qualifications posted in their management information circular as at Nov. 8, 2016, just to get your vote.
Important business being conducted at the coming meeting and what you should know
- To receive the annual financial statements of the company for its fiscal year ended Sept. 30, 2015, together with the report of the auditors thereon: Mr. DeCotiis has summoned the company under Section 214(3) of the Business Corporations Act to require the auditor's attendance at the meeting. There are several unexplained errors in the annual financial statements of the company for its fiscal year ended Sept. 30, 2015. A good example of this is note 2 (b) -- the company's wholly owned subsidiaries, International King Jack Hydrocarbons Inc. (a company that does not appear to exist anywhere) and Far East Oil & Gas Ltd. (incorporated in Alberta on Dec. 22, 1997, by Mr. Gorrell and Robert L. Curr (brother-in-law to Mr. Gorrell and on the company's international advisory board, as well as a former director of the company), where Petromin Resources owned 100 per cent of the outstanding shares. On June 2, 2004, Far East Oil & Gas was struck from the Alberta Corporate Registry and no longer in operation.
- To appoint Davidson & Company LLP as auditor for the company for the ensuing year and to authorize the directors to fix its remuneration: After hearing the answers to the many questions pertaining to the annual financial statements of the company for its fiscal year ended Sept. 30, 2015, it is not recommended that this firm be further used.
- To fix the number of directors at four: The number of directors should continue to be fixed at three and the DeCotiis nominees should be elected.
- To elect directors for the ensuing year: The DeCotiis nominees should be elected.
- To authorize and approve the continuation of the company's rolling stock option plan: This should not be authorized.
- To transact any other business which may properly come before the meeting, or any adjournment or postponement thereof: This should not be authorized. The company is not being 100 per cent transparent as to what is really occurring. The company is currently going through a secret restructure to move control to John Anderson, Bijay Singh and their associates. The company's corporate office has already been secretly moved to 24 W 4th Ave., Vancouver, B.C. (the place of business of Mr. Anderson, Mr. Singh and their associates), and not publicly disclosed until after the DeCotiis nominees complied with the advance notice policy, which current Petromin directors did everything possible to disrupt. In a meeting with Mr. Anderson prior to his appointment as a director of the company, Mr. Anderson advised that the company was currently having secret work done on some of it existing wells in Alberta to increase the flow of oil, and then on Sept. 17, 2016, with no consideration to the company, these wells were transferred to Rife Shot Corp. in Calgary, Alta. Mr. Anderson and Mr. Singh have had further discussions with the DeCotiis nominees about consolidating the current company shares and then paying company debt by way of issuing new company shares from the treasury to pay the bills (most of which goes to (you guessed it) current and past Petromin Resources directors). This will dilute everyone's position with the company and leave the past and current directors holding a large majority of the shares of the company. If this occurs, the DeCotiis nominees will file an application to the courts to have any decision overturned.
Your voice will not be heard by the company, you must act by voting your proxy for the DeCotiis nominees. Your proxy will have to be mailed in, with corrections (which will be posted in subsequent news releases) to ComputerShare to count. Do not vote by telephone or the Internet. This can only be done for current management nominees. This is not about taking over the company. This is about doing what is the best and right for the company.