Mark Moseley-Williams has resigned as president, director, and chief executive officer of Eco Oro Minerals Corp, the Vancouver-based gold mining company announced today. The outgoing CEO’s departure is effective immediately.
Eco Oro, which is traded on the Toronto Stock Exchange, said in a statement that the resignation “triggers a default” in accordance with an agreement the company signed on July 21, 2016, with Trexs Investments LLC. But it added that “the company is not aware of Trexs taking any enforcement steps at this time against the company with respect to this default.”
Trexs Investment made an “aggregate investment” of $14 million USD into Eco Oro, the company said last July while announcing the agreement. The proceeds were planned to pay for the arbitration of a dispute between Eco Oro and government of Colombia related to the free-trade agreement between Canada and Colombia, according to the company.
Anna Stylianides, executive chairman of the company’s board, will serve as interim president and interim CEO, said Eco Oro in a statement. “We sincerely appreciate Mark’s dedication and contributions to our company during his tenure, and we wish him the very best in his future endeavors,” said Stylianides.
One of Eco Oro’s largest holdings is the Angostura gold and silver deposit in northeastern Colombia, which the company’s assessment has found to contain more than three million ounces of gold.