Insights Header image
Insights Header image
Insights Header image

Observations from the Eco Oro Proxy Contest

February 2018 Client Alert < 1 read

Today marks the first anniversary of the start of what was likely the most acrimonious proxy fight in Canada in 2017. On February 10, 2017, Harrington Global Opportunities Fund Ltd. and Courtenay Wolfe [1] (collectively, the “Shareholder Group”) requisitioned a shareholders’ meeting to replace each of the six incumbent directors of Eco Oro Minerals Corp. (“Eco Oro” or the “Company”). On August 1, 2017, following nine separate proceedings[2] brought before courts and securities regulators, the parties announced a settlement agreement that put an end to the proxy contest. In this paper, we will highlight some of the key findings arising out of the various proceedings, relating to the Company’s impugned issuance of common shares, and will discuss the main takeaways and the practical implications for issuers, investors and securities law practitioners.[3]


[1] McMillan LLP represented the Shareholder Group.
[2] These actions related to, among other things, allegations of acting jointly or in concert and defamation,
relief sought to cease-trade options, relief sought under section 186 of the Business Corporations Act
(British Columbia) SBC 2002, c 57 [the BCBCA] and separately under section 228 of the BCBCA and
relief to reverse a share issuance.
[3] The opinions expressed herein, particularly under the heading “Observations and Implications”, are
those of the authors and not McMillan LLP or its clients.

Insights (5 Posts)View More

Featured Insight

The “Due Care” Standard for Payment of Annual Patent Maintenance Fees

In Taillefer v. Canada (AG), the Federal Court considered the scope of the “due care” standard regarding the payment of annual patent maintenance fees.

Read More
Feb 28, 2024
Featured Insight

Two-Year Anniversary of Russia’s Illegal Invasion of Ukraine: New Sanctions Designations and Expansion of Export Prohibitions

To coincide with the two-year anniversary of Russia's invasion of Ukraine, Canada announced new sanctions and financial reporting obligations.

Read More
Feb 28, 2024
Featured Insight

2024 Changes to Canada’s Thresholds for Merger Notification and Investment Canada Act Reviews

Providing updates on the 2024 merger thresholds under Canada's Competition Act and Investment Canada Act.

Read More
Feb 28, 2024
Featured Insight

Adjudication Under the Construction Act: Fast but Fair

Adjudicator discretion under the Construction Act. Ontario Court recently confirmed a limit on this discretion in Ledore Investments v. Dixin Construction

Read More
Feb 23, 2024
Featured Insight

Environmental Protection: An Essential Consideration for Any Minor Exemption

The Quebec Court of Appeal quashed, on environmental grounds, a municipal resolution on a minor exemption

Read More
Feb 22, 2024