A layer of drama was added to the fight between Eco Oro Minerals Corp. and a group of dissident shareholders Monday after an Ontario regulator and a B.C. court came to different conclusions regarding the battle over control of the board.
The shareholder group, which is trying to oust the board of the precious metals exploration and mining company in favour of their own slate, got a boost when the Ontario Securities Commission ruled early Monday that a disputed share issue by the company required a shareholder vote.
But a ruling from the B.C. Supreme Court later in the day — in response to a separate claim — found that the minority shareholders of Vancouver-based Eco Oro had not met the test for shareholder oppression. It also adjourned a special meeting at which a different vote — over board composition — was to take place Tuesday.
“In effect, the OSC’s decision and my decision are at odds,” wrote The Honourable Mr. Justice G.P. Wetherill in the B.C. court decision. “In my view, it is not realistic that the April Meeting can proceed tomorrow.”
He ordered that the board must set a new meeting date by Sept. 30, “to allow the parties to take whatever steps they deem appropriate to resolve the conflict between the OSC’s decision and my decision.”
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