Mr.
Joseph Lanzon, a shareholder, reports
CONCERNED SHAREHOLDERS REQUISITION LONG-OVERDUE ANNUAL
GENERAL MEETING OF SHAREHOLDERS OF SEARCH MINERALS INC.
Concerned shareholders of Search Minerals Inc., led by Joseph Lanzon, who beneficially own
approximately 6.38 per cent of the total issued and outstanding common shares of Search as at the date
hereof, have formally requisitioned the long-overdue annual general
meeting of shareholders of Search. The purpose of the requisitioned meeting is
to replace the incumbent board of directors of Search with certain highly qualified
nominees to be nominated by the concerned shareholders prior to the meeting.
The board is required by law to hold the requisitioned meeting on or before Feb. 2, 2024. The
concerned shareholders will identify their nominees in a proxy circular that will be distributed to
the shareholders of Search prior to the meeting.
The concerned shareholders believe that the current board has consistently failed to act in the
best interests of the company and the shareholders. The concerned shareholders have attempted
to engage with the board to discuss possible resolutions of their concerns, however, the board
appears to believe that its not accountable to anyone for its actions, including:
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Lack of exploration team. Search's entire exploration team has been temporarily laid off
and the company has not completed any exploration work in 2023. Who is running the day-to-day operations of the company? The concerned shareholders still do not know the answer
to this question.
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Disregard for legal obligations. Search was legally required to schedule and hold the
meeting under its own volition prior to Aug. 25, 2023. At the start of October, the
shareholders are still waiting, thereby forcing the concerned shareholders to requisition the
overdue meeting. If this is how the board approaches its legal obligations, what else do the shareholders not
know about?
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Lack of accountability. The board has failed to keep Search's website up to date, including
the company's contact information. Is this a purposeful tactic to reduce oversight and create
an information asymmetry between the board and the shareholders? At the very least, this is
another example of the board's belief that it is unaccountable for its actions to the shareholders
or anyone else.
The shareholders deserve better. Now is the time for Search to have a board that is aligned with
shareholders and that will ensure the preservation of value for shareholders before it is too late.
Now is the time for change.
Mr. Lanzon stated: "It is unfortunate that we have been forced to waste time and money because
this incompetent board of directors has failed to do their job and call a meeting within the
prescribed time period. The company's last annual general meeting was held on May 25, 2022,
so we are well past the deadline for Search's 2023 annual general meeting. This is just another
example of the board having zero regard for the company's shareholders."
The concerned shareholders have been contacted by numerous other shareholders who have also
voiced their support for the concerned shareholders' actions. The concerned shareholders believe
this should send a clear message to the board that the actions of the concerned shareholders will
be supported by a majority of the shareholders.
Shareholders can contact the concerned shareholders at info@concernedforsearchminerals.com
and visit the Concernedforsearchminerals website to be added to the concerned shareholders
mailing list. The concerned shareholders are monitoring the current actions of the board for any
adverse changes in the condition of the company and will post updates regarding same to the
website. The concerned shareholders are not soliciting proxies at this time, but want
to keep their fellow shareholders informed of the requisition process and other related information.
Mr. Lanzon is a resident of Labrador, and maintains an office in Ottawa, Ont. He is an
experienced mining executive with a proven record of promoting shareholders' interests at
the highest levels of government and the Toronto Stock Exchange. Mr. Lanzon is well positioned
to lead the charge in renewing and strengthening the governance and accountability of the board.
His full bio can be obtained at the Concernedforsearchminerals website.
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