To fund their corruption, ecpn management increased the authorized shares from 400,000,000 to 500,000,000 in 2016. They will do it again soon. They can use the preferred shares to get the majority of votes for this so shareholders votes are not relevant. However it is interesting that 92,000,000 shares voted "NO" in 2016 (see below).
On August 23, 2016, El Capitan Precious Metals, Inc., a corporation that files reports with the SEC pursuant to Section 15(d) of the Securities Act of 1933, as amended (the “Company”), mailed proxy materials for its annual meeting of stockholders (the “Annual Meeting”). The Annual Meeting is scheduled on Wednesday, September 28, 2016, at 10:00 a.m. local New Mexico time. At the Annual Meeting, stockholders are being asked to consider and take action upon (i) the election of five directors, (2) the ratification of the appointment of Malone Bailey, LLP, (iii) the approval of an amendment to the Company’s Articles of Incorporation that would increase the number of authorized shares of the Company’s common stock from 400,000,000 to 500,000,000 shares;
Sep 4, 2016 8-K
The stockholders approved an amendment to the registrant’s Articles of Incorporation to increase the number of authorized shares of the Company’s common stock from 400,000,000 to 500,000,000 shares. There were 542,535,254 votes cast for the proposal (of which 365,655,720 shares were cast by the holders of the Company’s Series B Convertible Preferred Stock); 92,361,876 votes were cast against the proposal; 6,825,168 votes abstained; and there were 782,941 broker non-votes. Holders of outstanding shares of Series B Convertible Preferred Stock were entitled to vote such shares at the meeting only with respect to this proposal, and did not have the right to vote such shares on the other proposals brought before the meeting.
