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Eco Oro resolves option issues with dissident shareholders

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Eco Oro resolves option issues with dissident shareholders

Eco Oro Minerals Corp. said May 29 that it resolved issues raised by dissident shareholders Harrington Global Opportunities Fund Ltd. and Courtenay Wolfe regarding the grant of 2,150,000 options to company directors and officers earlier in May.

Harrington and Wolfe will withdraw a request that the British Columbia Securities Commission set aside the option grant and the company will rescind 400,000 of the options, with the remainder not able to be exercised until after the company's next shareholder meeting.

In addition, any rights under the outstanding options will terminate if the shareholders at the meeting elect a majority of directors that are not nominees of the incumbent board.

The dissident shareholders called for the replacement of the company's board in February, with the dispute moving to the Supreme Court of British Columbia in early April when Eco Oro filed a lawsuit.

The two sides went on to release various statements attacking each other and in late April the Ontario Securities Commission ruled in favor of the dissidents to freeze shares that were issued to pro-incumbent shareholders earlier in the year.

Eco Oro recently reported that the British Columbia Court of Appeal had set aside an April 24 order by the Supreme Court of British Columbia which adjourned the shareholder meeting, previously scheduled for April 25, to a date to be set prior to Sept. 30.

The company noted that the decision only addressed the meeting adjournment and that, since the decision is at odds with an April 24 decision by the Ontario Securities Commission, the company plans to seek relief from the British Columbia Supreme Court to address the meeting.

The company also said it is negotiating an extension to a US$14 million investment agreement with Trexs Investments LLC after the current waiver expired May 25.

In addition, Eco Oro reported that it is assessing various options regarding its listing on the Toronto Stock Exchange after the TSX initiated a remedial review of the company, which has 120 days to re-comply with the bourse's requirements.

The beleaguered company filed an arbitration request with the International Centre for Settlement of Investment Disputes in December 2016 after it lost the potential to develop its Angostura gold deposit in Colombia, which was related to the creation of a conservation area.