en_CA
Woman making a frame around the sun with her hands at sunrise
Woman making a frame around the sun with her hands at sunrise
Woman making a frame around the sun with her hands at sunrise

Observations from the Eco Oro Proxy Contest

February 2018 Client Alert Paul D. Davis, Leila Rafi, Katherine Reilly, Sandra Zhao

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.

Related Publications

post
Publication

Cyber Justice: Ontario Court Recognizes New Tort of Internet Harassment

Feb 23, 2021

The Superior Court of Justice has recognized a new tort of internet harassment, indicating willingness to fashion new causes of action to address online abuse.

post
Publication

Canada Updates Official Terrorist Entities List – What It Means for Your Business

Feb 23, 2021

The Canadian government has placed the Proud boys on the list of terrorist entities. This announcement has certain key implications for Canadian companies.

post
Publication

iAnthus Decision Changes the Landscape for Corporate Plans of Arrangement under the BCBCA by Permitting Third-Party Releases

Feb 23, 2021

The iAnthus decision affirmed by the Court of Appeal holds that a British Columbia company can use the BCBCA to restructure and obtain 3rd party releases.