/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, March 16, 2017 /CNW/ - Trexs Investments, LLC ("Trexs"), announced today that it acquired ownership of, and control or direction over 7,747,508 common shares of Eco Oro Minerals Corp. (the "Company") upon the conversion of a portion of the principal amount of a US$7,000,000 promissory note (the "Note") of the Company.
Prior to the transaction, Trexs beneficially owned, and had control and direction over 10,608,225 common shares or the equivalent of 9.99% of the issued and outstanding common shares of the Company. Following the conversion Trexs beneficially owns and has control and direction over 18,355,733 common shares of the Company or the equivalent of 15.7% of the issued and outstanding common shares of the Company.
In addition, Trexs has ownership of and control and direction over contingent value rights ("CVRs") pursuant to the terms of an Investment Agreement made between the Company and Trexs dated July 21, 2016 (the "Investment Agreement"). As of the date hereof, including its beneficial rights under the CVRs, Trexs would have ownership of, or control, or direction over greater than 51% of the outstanding common shares of the Company. In addition Trexs will have beneficial ownership of the common shares which remain issuable under the Note upon the exercise of the conversion provisions of the Note subject to the terms of the Investment Agreement, the number of which common shares may only be definitively determined based upon the market price of the common shares of the Company at the time of such conversion.
Trexs acquired such securities for investment purposes and may, from time to time, acquire additional securities of the Company or divest of all or a portion of such securities in its sole discretion.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Company's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Trexs Investments, LLC.
The name and address of the offer or filing the report is:
Trexs Investments, LLC
850 New Burton Road, Suite 201
SOURCE Trexs Investments, LLC
For further information: Trexs Investments, LLC, 850 New Burton Road, Suite 201, Dover, Delaware, 19904, Telephone (212) 918-5300, Attention: Director