Digital Brain
digital brain
digital brain

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)

Featured Insight

Exemption for CBCA Reporting Issuers from Uncontested Director Election Proxy Form Requirements

The CSA published an exemption for CBCA-incorporated reporting issuers from the form of proxy requirement for uncontested election of directors.

Read More
Feb 2, 2023
Featured Insight

Just the Facts Please! A Discussion of Limitation Periods for Environmental Claims

This Bulletin considers how limitation periods apply to environmental claims in Ontario and how to reduce the risk of missing one.

Read More
Feb 2, 2023
Featured Insight

The Energy Statutes Amendment Act – British Columbia Welcomes the Hydrogen Industry

British Columbia’s Energy Statutes Amendment Act makes sweeping changes to the regulation of energy in British Columbia.

Read More
Feb 1, 2023
Featured Insight

Capital Markets: 2022 Legal Year in Review

McMillan LLP's Capital Markets & Securities Group discuss the key legal developments in Canadian capital markets in 2022.

Read More
Feb 1, 2023
Featured Insight

Greening Procurement in Canada: New Implications for the Construction Industry and Beyond

Two new standards under Canada's Policy on Green Procurement impose greenhouse gas emissions disclosure obligations on federal departments and contractors.

Read More
Feb 1, 2023