VANCOUVER, Feb. 28, 2017 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) announces that it has filed a complaint with the British Columbia Securities Commission ("BCSC") in respect of a material misrepresentation made by a dissident shareholder group led by Courtenay Wolfe and Harrington Global Opportunities Fund Ltd. (the "Dissidents") in a press release dated February 27, 2017.
The Dissidents claim to have received "overwhelming support" from Eco Oro shareholders for the reconstitution of the board of directors of the Company (the "Board"). Based on discussions with the Company's shareholders, the Board believes that close to a majority of Eco Oro shareholders support the current Board and management team. Several shareholders have also contacted the Board to express their dismay with the Dissidents' action and share the Board's concern that the Dissidents' action may distract and destabilize Eco Oro during a very critical time as it pursues its arbitration claim against the Colombian government.
The Board is also troubled that the Dissidents have erected a website which appears to only be accessible by those shareholders who surrender their personal information and agree to be contacted by the Dissidents and their representatives.
The shareholder meeting requisition dated February 10, 2017 (the "Requisition") in which the Dissidents request the convening of a meeting of shareholders of the Company at which the shareholders will be asked to vote on a resolution to replace the Board, is still under consideration by the Company.
The Board together with its legal advisors is considering the validity of the Requisition and investigating potential violations of securities laws in connection with the Requisition.
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.
