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Eco Oro Shareholders Allege that the Board Continues to Act in Breach of Corporate Law in a Desperate Attempt to Cling to Power Against the Will of the Majority of Shareholders
Eco Oro Shareholders Allege that the Board Continues to Act in Breach of Corporate Law in ...
About this update from Eco Oro Minerals Corp.
[{"type":"text","content":"\n\n\n\nEco Oro Shareholders Allege that the Board Continues to Act in Breach of Corporate Law in a Desperate Attempt to Cling to Power Against the Will of the Majority of Shareholders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, June 12, 2017\n\n\n\n\n \n \n\nEco Oro Shareholders Will File Petition with Court to Compel Eco Oro to Comply with Requirement to Hold Requisitioned Meeting Promptly\n\n \n \n \n\n \n\nTORONTO, June 12, 2017 /CNW/ - Courtenay Wolfe and Harrington Global Opportunities Fund Ltd., concerned shareholders of Eco Oro Minerals Corp. (TSX: EOM) (\"Eco Oro\" or the \"Company\"), announce that they will be filing a petition with the Supreme Court of British Columbia early this week in order to compel the Company to hold the meeting they have requisitioned (the \"Meeting\") promptly. The Meeting was previously called for April 25, 2017. Pursuant to the Business Corporations Act (British Columbia), a meeting requisitioned by shareholders must be held \"not more than four months after the date on which the requisition is received\". Therefore, the deadline for the Meeting was June 10, 2017 – two days ago. Only today has the Company set the date for the Meeting, which it scheduled for August 15, 2017 – over two months after the legally required deadline. This is yet another brazen act by the Board of the Company to cling to power in defiance of the laws of this country. \n\nWe have instructed our counsel to ask for an order from the Supreme Court of British Columbia that the Company comply with the Business Corporations Act (British Columbia) and to hold the Meeting immediately. \n\nWith respect to the Company's announcement that it will hold a meeting to approve the New Shares, it is important to note that the recipients of the New Shares will not be entitled to vote at such meeting. As a result, the issuance of the New Shares will never be approved. We suspect that the Company has called this meeting for tactical purposes only. However, if the current directors wish to allow the s...