Stockwatch

Search Minerals Inc
Symbol	SMY
Shares Issued	417,287,014
Close 2023-10-04	C$ 0.03
Market Cap	C$ 12,518,610
Recent Sedar+ Documents

Search Minerals shareholders requisition AGM

2023-10-06 10:25 ET - News Release

Subject: News release about Search Minerals PDF Document File: Attachment 20231006 - Lanzon Requistion News release (FINAL).pdf 15316171 Canada Inc. 58 Sparks Street, Box 279 Station B Ottawa. Ontario K1P 6C4 October 6, 2023 FOR IMMEDIATE RELEASE NEWS RELEASE CONCERNED SHAREHOLDERS REQUISITION LONG-OVERDUE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF SEARCH MINERALS INC. October 6, 2023 Concerned shareholders of Search Minerals Inc. (TSXV: SMY) ("SEARCH" or the "Company") led by Joseph Lanzon (the "Concerned Shareholders") who beneficially own approximately 6.38% of the total issued and outstanding common shares of Search as at the date hereof today announce that they have formally requisitioned the long-overdue annual general meeting of shareholders of Search (the "Meeting"). The purpose of the requisitioned Meeting is to replace the incumbent board of directors of Search (the "Board") 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 February 2, 2024. The Concerned Shareholders will identify their nominees in a proxy circular that will be distributed to the shareholders of Search (the "Shareholders") 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: dot 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. dot Disregard for Legal Obligations. Search was legally required to schedule and hold the Meeting under its own volition prior to August 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 we not know about? dot 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. 2 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. Joseph 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 www.concernedforsearchminerals.com 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 set out above. 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, Ontario. He is an experienced mining executive with a proven track 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: www.concernedforsearchminerals.com. For further information, contact: Joseph Lanzon Telephone: 613-796-5957 Email: info@concernedforsearchminerals.com