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BGC Bristol Gate Concentrated Canadian Equity ETF

31.19
0.33 (1.07%)
31 May 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Bristol Gate Concentrated Canadian Equity ETF TSX:BGC Toronto Exchange Traded Fund
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.33 1.07% 31.19 31.13 31.46 0 22:00:00

East Asia Minerals Advised of Potential Litigation

09/12/2011 11:39pm

Marketwired Canada


East Asia Minerals Corporation (TSX VENTURE:EAS) wishes to inform shareholders
that it has been advised that East Asia Minerals, PT Linge Mineral Resources
("PTLMR") and PT Gayo Mineral Resources ("PTGMR") have been named as defendants
and Barisan Gold Corp. ("BGC") as a co-defendant in a civil case claim filed by
PT Atlas Mineral Exploration ("PTAME") in the Central Jakarta District Court.
PTAME is an Indonesian company that owns a 12% direct equity interest in each of
PTLMR and PTGMR. BGC is the majority shareholder of PTLMR and PTGMR with an 80%
direct equity interest in each company. BGC was spun-out from East Asia Minerals
to its shareholders of record on July 21, 2011 by way of dividend-in-kind. PTAME
is majority owned by a relative of a previous consultant to EAMC who left EAMC
in October 2010.


PTAME approached PTGMR and PTLMR in recent months asking that its 12% equity
interest in both companies be acquired. When BGC and PTAME could not agree on
reasonable terms, including a price fair and reasonable to BGC for the sale of
the interests held by PTMAE, PTAME filed this action.


The claim filed by PTAME purports to challenge the asset transfer process by
which East Asia Minerals transferred its 80% direct equity interest in PTLMR and
PTGMR to its wholly owned subsidiary, BGC. East Asia Minerals strongly believes
the claims are clearly without merit and intends on defending against this
frivolous lawsuit vigorously. The Company has received legal advice confirming
that the transfer of PTLMR and PTGMR from East Asia Minerals to BGC was legally
executed in accordance with Indonesian law. East Asia Minerals, BGC and its
subsidiaries intend to file their own claims and seek the maximum damages from
PTAME under Indonesian law in response to this claim.


The defendants and co-defendant have engaged the services of Fredrik J.
Pinakunary Law Offices and Bahar & Partners as Indonesian legal counsel with
regards to this matter. The first hearing in this case is expected in 2-3
months. We will update shareholders as we receive more detailed information on
the matter.


To receive or stop receiving EAS news via email, please email
info@eaminerals.com and state your preference in the subject line.


About East Asia Minerals Corporation

East Asia Minerals (TSX VENTURE:EAS) is an Asian-based, Canadian mineral
exploration company with gold and copper exploration properties in Indonesia,
and uranium exploration properties in Mongolia. In Indonesia the Company has a
70 to 85% interest in three advanced gold and gold-copper properties located in
Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. The Company owns
seven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and
Enger uranium projects, and two phosphate properties in Mongolia. East Asia
currently has 84,221,582 shares outstanding. Its shares are listed for trading
on the TSX Venture Exchange under the symbol "EAS".


Caution Regarding Forward Looking Statements

Certain statements in this News Release, which are not historical in nature,
constitute "forward looking statements" within the meaning of that phrase under
applicable Canadian securities law. When used in this News Release, such
statements use words such as "may", "will", "expect", "intend", "anticipate" and
other similar terms. These statements reflect management's current assumptions
and expectations regarding future results, performance or events as of the date
hereof and by their nature are subject to certain underlying assumptions, known
and unknown risks and uncertainties and other factors which may cause actual
results, performance or events to be materially different from those expressed
or implied by such forward looking statements. Forward looking statements
involve significant risks and uncertainties and should not be read as guarantees
of future or performance results. Accordingly, readers should not place undue
reliance on any forward looking statement.


Forward looking statements are based on assumptions, estimates, analysis and
opinions of management made in light of its experience and its perception of
trends, current conditions and expected developments, as well as other factors
that management believes to be relevant and reasonable in the circumstances at
the date that such statements are made. The Company believes that the
assumptions and expectations reflected in such forward looking statements are
reasonable. Assumptions have been made regarding, among other things, the
Company's future exploration and development activities; timely receipt of third
party or regulatory approvals; and the Company's ability to obtain financing as
and when required and on reasonable terms. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions which may have
been used and that these factors and assumptions may be incomplete or incorrect.


Forward looking statements are also subject to known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from those expressed or implied by such forward looking information.
Those risks include the interpretation of drill results and the estimation of
mineral resources and reserves; the geology, grade and continuity of mineral
deposits; the possibility that future exploration, development or mining results
will not be consistent with our expectations; commodity and currency price
fluctuation; failure to obtain adequate financing; regulatory, permitting and
licensing risks; and general market and mining exploration risks. 


Except as required by applicable securities laws, the Company disclaims any
obligation to update or revise any forward looking statements to reflect events
or changes in circumstances that occur after the date hereof. Forward-looking
statements should not be construed as investment advice. Readers should perform
a detailed, independent investigation and analysis of the Company and are
encouraged to seek independent professional advice before making any investment
decision.


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