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VANCOUVER, Aug. 28, 2012 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX), formerly Enterprise Capital Corporation, (the "Company") is pleased to announce that it has filed on SEDAR (www.SEDAR.com) the unaudited interim financial statements for the three and six month period ended June 30, 2012 (the "Interim Financial Statements") and the related Management's Discussion and Analysis (the "MD&A").
These interim financial statements relate to those of Enterprise Capital Corporation ("Enterprise"). On July 10, 2012 Enterprise completed its reverse takeover transaction of Ecuador Capital Corp (the "Transaction"), which constituted the qualifying transaction of Enterprise pursuant to the policies of the TSX Venture Exchange. As a consequence of the Transaction, Enterprise now carries on the business of Ecuador Capital. Enterprise also changed its name to Ecuador Gold & Copper Corp.
With the completion of the Transaction, Ecuador Gold & Copper Corp has 95,697,416 Common Shares issued and outstanding (on an undiluted basis), 24,813,025 warrants outstanding, options to acquire 4,711,355 Common Shares outstanding and convertible debentures outstanding in the amounts of USD$1,000,000 at a conversion rate of USD$0.25/unit and CDN$150,000 at a conversion rate of CDN$0.25/unit, which each unit consisting of one Common Share and one-half of one common share purchase warrant, and each such whole warrant entitles the holder to purchase one Common Share at a price of $0.35 during the period before expiry on August 31, 2013. The Debentures mature on August 31, 2013. The principals of the Company collectively hold 23,335,000 Common Shares and 4,271,355 stock options of the Company all of which are subject to a Tier 2 Value Security Escrow Agreement. In addition, 750,000 Common Shares are held by non-principals of the Company which are also subject to a Tier 2 Value Security Escrow Agreement.
The Board of Directors of the Company are as follows: Glenn Laing, Carson Phillips, James Hutton and James Xiang. In addition, the Company's Executive Management Team is as follows:
- Glenn Laing - President, Chief Executive Officer and Chief Operating Officer
- Carson Phillips - Vice-President, Corporate Development
- Angel Law - Chief Financial Officer and Corporate Secretary
- Mit Tilkov - VP Exploration
Summaries of the biographies for all of the directors and executive management of the Company are set out on the Company's website at www.ecuadorgoldandcopper.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Ecuador Gold and Copper Corp.
For further information:
Vice-President, Corporate Development
Telephone: (604) 569-0721