/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, Nov. 9, 2016 /CNW/ - Trexs Investments, LLC ("Trexs"), announced today that it acquired beneficial ownership of, and control or direction over (i) a convertible promissory note (the "Note") issued by Eco Oro Minerals Corp. (the "Company") in the principal amount of US$7,000,000 which may be converted into common shares of the Company at any time at the election of the Company, and (ii) a contingent value rights certificate (the "CVR") issued by the Company entitling the Investor to 51% of the gross proceeds of the Company's arbitration with the Government of Colombia under the Free Trade Agreement between Canada and Colombia (the "Arbitration") which may be exchanged for common shares of the Company at any time at the election 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.
As of the date hereof, assuming exchange of the CVR in accordance with its terms at the option of the Company, and the receipt of all necessary regulatory approvals, Trexs would have beneficial ownership of, or control, or direction over securities exchangeable for greater than 51% of the outstanding common shares of the Company in addition to those common shares issuable under the Note as a result of the exercise by the Company of the conversion provisions thereof, which may only be definitively determined based upon the market price of the common shares of the Company at the time of such conversion.
Tenor 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.
SOURCE Trexs Investments, LLC
For further information: The name and address of the offeror filing the report is: Trexs Investments, LLC, 850 New Burton Road, Suite 201, Dover, Delaware, 19904