Northwire Canada EditionTuesday, November 10, 2026
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Financings

Eco Oro Completes Second Tranche of US$4.5 Million Financing

By The Northwire Desk — AI Analysis Mar 17, 2026 · 21:49 EOM · 0.04 ECO ORO MINERALS CORP. J
EOM · Price

Executive Summary

  • Eco Oro Minerals Corp. completed the second tranche of its private placement, raising US $500,000 in 2025 Contingent Value Rights (CVRs) after an initial US $4 million tranche.
  • Proceeds will be used primarily to fund the company’s effort to annul a July 15 2024 damages award from an ICSID arbitration against Colombia.
  • The company disclosed a revised CVR distribution waterfall and its ability to issue additional CVRs, senior debt up to US $6 million and subordinated debt up to US $4 million.

Key Details

  • Private Placement Tranches:
  • First tranche – US $4,000,000 of 2025 CVRs closed on August 7 2025.

  • Second tranche – US $500,000 of 2025 CVRs closed on March 16 2026.

  • Use of Proceeds:

  • Primarily to support the application to annul the July 15 2024 arbitration damages award (ICSID Case No. ARB/16/41) against the Republic of Colombia.

  • Revised Distribution Waterfall for Claim Proceeds:
    1. 100% of any claim proceeds first used to settle outstanding trade payables and legal fees, and to repay permitted senior and subordinated debt.
    2. 100% thereafter paid pro‑rata to holders of 2025 CVRs and any Resubmission CVRs until their principal amounts are fully repaid.
    3. Remaining proceeds (“Remainder”) distributed as follows:

    • Up to 8% to Company arbitration counsel (after step 1 payments).
    • Of the balance:
    • 5% to Management Incentive Plan participants.
    • 85% to 2025 CVR holders.
    • 9.7% to Replacement CVR holders.
    • 0.3% to the Company itself.

  • Additional Financing Capacity:

  • Up to US $1,000,000 of extra 2025 CVRs may be issued on or after July 30 2027 at the board’s discretion.
  • Board may issue up to US $7,000,000 of “Resubmission CVRs” (entitling holders to up to 20% of the Remainder) if additional funds are needed for resubmission or collection costs.

  • Company may incur up to US $6,000,000 senior debt and US $4,000,000 subordinated debt.

  • Board Approval & Minority Exemption:

  • The board relied on exemption under MI 61‑101 Subsection 5.7(e) after confirming that the transaction involved significant shareholders/directors (e.g., Courtenay Wolfe of GrayWolfe Capital).

  • Risk Disclosure:

  • No certainty that any claim proceeds will be received; amounts, if any, may be insufficient to satisfy step 3(b)(iii) distributions.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →