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Eco Oro Shareholders Provide Update and Comment on Further Desperate Actions of the Board
Eco Oro Shareholders Provide Update and Comment on Further Desperate Actions of the Board ...
About this update from Eco Oro Minerals Corp.
[{"type":"text","content":"\n\n\n\nEco Oro Shareholders Provide Update and Comment on Further Desperate Actions of the Board\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, May 18, 2017\n\n\n\nEco Oro Shareholders file Application with British Columbia Securities Commission to Cease Trade Recently Issued Options\n\n\n\nTORONTO, May 18, 2017 /CNW/ - Courtenay Wolfe and Harrington Global Opportunities Fund Ltd., concerned shareholders of Eco Oro Minerals Corp. (TSX: EOM) (Eco Oro or the Company), provide update to shareholders of Eco Oro in respect of the recent outrageous issuance of options by the Company, certain disclosure deficiencies and the status of the ongoing legal and regulatory proceedings in connection with the current proxy contest.\n\nOptions Issuance – Application Made to Cease Trade Options\n\nAccording to the Company's Q1 MD&A, on May 8, 2017, the Company granted 1,980,000 options to officers and employees of the Company, as well as 1,650,000 options to the directors (including 300,000 issued to Ms. Stylianides). Of the total 3,630,000 options issued, 2,310,000 vested immediately. This action is completely at odds with the Company's past practices and public disclosures. For example, in its management information circular dated March 27, 2017, the Company states it has \"historically established a practice of granting stock options ... on an annual basis after the Company's annual general meeting\". \n\nThe only purpose of the options issuance appears to be entrenching the Board and circumventing the Ontario Securities Commission's April 23, 2017 order (described below). The directors know that they have lost the confidence of the current shareholders by virtue of the fact that a majority of shares (excluding the March 16, 2017 issuance of 10.6 million shares (the New Shares) to insiders)  have been voted against them. In such circumstances, the current directors have no moral or legal right to issue shares or securities convertible into shares. This conduct raises significant concerns and engages the...