VANCOUVER, April 10, 2017 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) is pleased to announce that in connection with the annual general and special meeting of Eco Oro shareholders scheduled for April 25, 2017, Institutional Shareholder Services ("ISS"), a leading independent proxy voting advisory firm, has recommended that Eco Oro shareholders vote on management's GREEN proxy.
In its report, ISS recommended that Eco Oro shareholders vote on management's GREEN proxy FOR management nominees Anna Stylianides, Hubert R. Marleau, David Kay, and Mark Mosley-Williams.
In rejecting the dissident case for wholesale change, ISS noted that:
"…it appears that replacement of the entire incumbent board might introduce significant risks, such as triggering default conditions under [the] CVR and loss of key people who possess an intimate knowledge of the company's operations, which insight might be proved invaluable during the litigation process."
ISS appeared to validate Eco Oro's contention that it conducted a comprehensive search for financing:
"…it appears that the company has performed an adequate review process as upon exhausting traditional financing sources…"
"Also, undisclosed terms of potential alternative arbitration financing mentioned by the dissidents might not offer a better risk-benefit balance, especially after considering uncertainties introduced by the requirement to reimburse participants in the second tranche of the private placement."
ISS also acknowledged that Eco Oro must continue to protect the value of Angostura:
"It appears that some operational expenses are required to be maintained even under the current circumstances in order to enable a potentially successful arbitration process (e.g., there is a need to maintain the company's licenses, legal and accounting staff)."
ISS acknowledged the unique challenges faced by Eco Oro over the past several years:
"The Colombian government and other stakeholders appears to have created unique uncertainties and circumstances surrounding the company's Angostura project…"
ISS noted that the board of directors (the "Board") and management of Eco Oro have been responsive to shareholders:
"It appears that management had been fairly accommodating and responsive to the concerned shareholders requests."
ISS supported the Board's view that it acted in the best interests of shareholders in de-risking the balance sheet through the conversion of a portion of the unsecured convertible debt into common shares:
"…the rational[e] behind the conversion appears to be sound as the conversion allows the company to conserve cash while taking advantage of the surging share price, which translates into a high conversion price."
Eco Oro invites all shareholders to review its presentation to ISS and the Board's letter to shareholders available www.eco-oro.com and under Eco Oro's profile on SEDAR.
The Board and management team continue to work tirelessly to protect, enhance and maximize value for all shareholders. Shareholders, protect your investment in Eco Oro and vote for all six highly-qualified individuals on the GREEN proxy or voting instruction form.
If you have questions about voting your proxy, or did not receive a proxy, please call Eco Oro's proxy solicitor, D.F. King Canada at 1-800-240-2133 (toll free in North America) or 1-201-806-7301 (outside North America) or email at This email address is being protected from spambots. You need JavaScript enabled to view it..
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.
