VANCOUVER, Jan. 13, 2017 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) announces that the independent members of the Board of Directors of Eco Oro (excluding the President and CEO, Executive Chairman and Trexs appointed director) have unanimously approved and the Company has implemented a management incentive plan (the "Plan") to incentivize certain key personnel with the successful prosecution and collection of the Company's arbitration claim against Colombia under the Canada-Colombia Free Trade Agreement (the "Arbitration"). Implementation of a management incentive plan is a requirement under the terms of the investment agreement entered into by the Company and Trexs Investments, LLC ("Trexs") on July 21, 2016.
Pursuant to the terms of the Plan, a committee of the board of directors of the Company (the "Committee") has been appointed to administer the Plan. The Committee will, among other things, be responsible for determining whether to grant participants under the Plan certain cash retention amounts that will not exceed, in aggregate, 7% of the gross proceeds of the Arbitration.
Awards under the Plan will be at the sole discretion of the Committee taking into consideration, among other things, the amount of the proceeds received from the Arbitration and the time dedicated by each participant to the Arbitration proceedings. No member of the Committee is a participant under the Plan.
Company Profile
Eco Oro Minerals Corp. is a publicly‐traded precious metals exploration and development company with a portfolio of projects in Colombia. Eco Oro has been focused on its wholly‐owned, multi‐million ounce Angostura gold‐silver deposit, located in northeastern Colombia.
