Eco Oro Obtains Interim Order for Plan of Arrangement And Provides Update on TSX Listing
VANCOUVER, Sept. 12, 2017 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) announced today that it has obtained an interim order (the "Interim Order") of the Supreme Court of British Columbia. The Interim Order authorizes and directs Eco Oro to call, hold and conduct a meeting (the "Meeting") of the holders of common shares of Eco Oro (the "shareholders") to be held at the offices of Norton Rose Fulbright Canada LLP located at 200 Bay Street on Tuesday, October 10, 2017 at 10:00 a.m. (Eastern Time) for the purposes of, among other things, asking shareholders as of the record date of August 11, 2017 to consider and, if deemed appropriate, pass, with or without variation, a special resolution to approve a proposed arrangement pursuant to the Business Corporations Act (British Columbia) (the "Proposed Arrangement"). Pursuant to the Interim Order, the Proposed Arrangement must be approved by not less than 66 2/3% of the shares voted at the Meeting.
The Meeting will constitute the Company's annual general and special meeting of shareholders and, in addition to considering the Proposed Arrangement, shareholders will be asked to consider certain other resolutions relating to the implementation of the settlement (the "Settlement") contemplated by the amended and restated settlement agreement entered into on July 31, 2017, as amended and restated on September 11, 2017.
Details related to the Settlement will be described in the management information circular (the "Circular"), the other materials related to the Settlement, and the other proxy-related materials, all of which are expected to be filed on SEDAR on or about September 14, 2017.
As previously announced, the Company has received notice from the TSX advising that the eligibility for continued listing of the Company's common shares (the "Shares") on the TSX was under review by the TSX. The hearing to decide whether to delist the Shares from the TSX is currently scheduled for September 22, 2017 and, as a result, the Company expects its shares to be delisted from the TSX by the end of October, 2017. In light of the foregoing, the Company continues to consider all of its alternatives, including seeking to relist the Shares on another recognized stock exchange in Canada.
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.
Forward-Looking Information
Certain statements in this press release are "forward-looking" statements within the meaning of Canadian and United States securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements in this press release include, but are not limited to, the timing of the Meeting, the Settlement including the Proposed Arrangement and its timing and effect on the Company, the filing of the Circular, the delisting of Shares and statements with respect to the Company's consideration of alternatives, including any relisting of the Shares on another recognized stock exchange in Canada. Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "assets", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant litigation, business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward looking statements. These factors include, among others, uncertainties related to the calling of a shareholders' meeting, obtaining all required regulatory approvals, additional costs that may be incurred by the Company which are currently not contemplated and the listing and delisting of the Shares. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE Eco Oro Minerals Corp.
please visit the Company's website at www.eco-oro.com or contact: Kingsdale Advisors toll free at 1-866-851-2484 (North America) or collect at 416-867-2272 (outside North America) or by email at [email protected]
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