Eco Oro Announces Results of Annual General and Special Meeting and Provides Update on Plan of Arrangement

VANCOUVER, Oct. 10, 2017 /CNW/ - Eco Oro Minerals Corp. ("Eco Oro" or the "Company") (TSX: EOM) is pleased to announce the results of its annual general and special meeting (the "Meeting") of holders (the "Shareholders") of its common shares ("Common Shares") held today. Approximately 82.39% of the Common Shares were represented in person or by proxy at the Meeting.

All of the nominee directors listed in Eco Oro's management information circular dated September 12, 2017 were elected as directors. The results of the Common Shares voted in respect of the election of each of the directors were as follows:

Shareholders also approved the previously announced plan of arrangement (the "Arrangement") pursuant to the Business Corporations Act (British Columbia) with approximately 99.85% of the votes cast by Shareholders present in person or represented by proxy at the Meeting voting in favour of the Arrangement which exceeds the 66⅔% threshold required to approve the Arrangement.

Completion of the Arrangement is subject to the receipt of a final order (the "Final Order") of the British Columbia Supreme Court (the "Court"), which is expected to be sought on October 12, 2017. In addition, certain closing conditions customary in transactions of this nature are required in order for the Arrangement to occur. Provided that approval of the Court is granted and all other closing conditions are satisfied or waived, Eco Oro expects the Arrangement to be completed by the end of October 2017.

At the Meeting, Shareholder also voted in favour of and approved:

• setting the number of directors at five;
  
  
• reappointing Davidson & Company LLP as auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration;
  
  
• approving all unallocated options rights or other entitlements under the Amended and Restated Incentive Share Option Plan of the Company and authorizing the Company to continue to grant options thereunder until October 10, 2020;
  
  
• approving the amendment of the investment agreement between the Company and Trexs Investments, LLC dated July 21, 2016 and the amendment of the security sharing agreement among PFR Gold Master Fund Ltd., Amber Latin America LLC, Trexs Investments, LLC, Anna Stylianides and Manas Dichow dated November 9, 2016; and
  
  
• approving the amendment to the management incentive plan of the Company dated January 13, 2017.

Company Profile

Eco Oro Minerals Corp. is a publicly-traded precious metals exploration and development company with a portfolio of projects in Colombia. Eco Oro has been focused on its wholly-owned, multi-million ounce Angostura gold-silver deposit, located in northeastern Colombia.

Forward-Looking Information

Certain statements in this press release are "forward-looking" statements within the meaning of Canadian and United States securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements in this press release include, without limitation, statements regarding the satisfaction of the remaining conditions of the Arrangement and the timing to obtain the Final Order and to implement the Arrangement. Forward-looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "in the event", "if", "believes", "assets", "position", "intends", "envisages", "assumes", "recommends", "estimates", "approximate", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant litigation, business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward looking statements. These factors include, among others, the risk that the Company will be unable to obtain all remaining approvals necessary for the implementation of the Arrangement or may not be able to satisfy all other conditions thereto, including, without limitation, receipt of the Final Order and the satisfaction of the other customary conditions, and any additional costs that may be incurred by the Company which are currently not contemplated. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

SOURCE Eco Oro Minerals Corp.