TORONTO, ONTARIO--(Marketwired - March 17, 2017) - Harrington Global Limited ("Harrington") announced that it, on behalf of Harrington Global Opportunities Fund Ltd. (the "Fund"), which it manages and advises, has today acquired 150,000 common shares ("Common Shares") of Eco Oro Minerals Corp. ("Eco Oro") at $0.70 per share in the open market (the "Acquisition").
Courtenay Wolfe ("Wolfe") may be considered to be acting jointly or in concert with the Fund by jointly requisitioning a shareholders' meeting of Eco Oro on February 10, 2017 (the "Requisition") and in taking other steps with the Fund and Harrington for the purpose of reconstituting the board of directors of Eco Oro. The requisitioned meeting has been called for April 25, 2017.
Wolfe and the Fund have made the Requisition for the purpose of removing the existing directors of Eco Oro, fixing the number of directors of Eco Oro at six and electing six new independent directors. Additional information regarding the Requisition is set out in a press release of February 10, 2017, a copy of which was filed under Eco Oro's profile at www.sedar.com on February 13, 2017.
Prior to the Acquisition, the Fund beneficially owned 9,610,000 Common Shares, and Wolfe beneficially owned 1,000,000 Common Shares. As a result of the Acquisition, the Fund beneficially owns, and Harrington exercises control and direction over, an aggregate of 9,760,000 Common Shares, representing approximately 9.19% of Eco Oro's 106,188,435 issued and outstanding Common Shares, as reported in its management discussion and analysis dated November 10, 2016 (the "Issued Common Shares"). As a result of the Acquisition, Wolfe and the Fund together beneficially own an aggregate of 10,760,000 Common Shares, representing approximately 10.13% of the Issued Common Shares.
The securities of Eco Oro were acquired in the ordinary course of business, for investment purposes only. Depending on market conditions and other factors, Harrington, on behalf of the Fund, may from time to time acquire additional securities of Eco Oro, or continue to hold or dispose of some or all of the securities of Eco Oro in the open market, by private agreement or otherwise.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters.
For additional information, or for a copy of the early warning report filed in respect of the above transactions, please contact Daniel Guy at 1-441-704-6900.