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1901 - 5000 Yonge Street Toronto, Ontario M2N 7E9 Telephone: +1 (416) 227-‐3402 Fax: +1 (416) 628-‐3801
NEWS RELEASE
ECUADOR GOLD ANNOUNCES PROPOSED SHARES-‐FOR-‐DEBT
October 8, 2015 - Toronto, Ontario: Ecuador Gold & Copper Corp. (TSX-‐V: EGX) (the 'Company') announces that further to its news release dated September 29, 2015, it has received TSX Venture Exchange approval for the Shares-‐for-‐Debt transaction entered into with certain creditors, including a director of the Company, to settle outstanding debts of the Company totaling approximately $45,660.42 by the issuance of an aggregate of 913,208 common shares (the 'Debt Shares') of the Company at a deemed price of $0.05 per Debt Share.
All Debt Shares issued in connection with the Shares-‐for-‐Debt transaction are subject to a prescribed four-‐month plus one-‐day hold period ending February 9, 2016.
Marcelo Rivadeneira, a Director of the Company, received directly 720,954 Debt Shares, constituting a related party transaction pursuant to the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-‐101 -‐ Protection of Minority Security Holders in Special Transactions ('M1 61-‐101'). The Company relied on Section 5.5(a) of MI 61-‐101 for exemptions from the formal valuation requirement and Section 5.7(1)(a) of MI 61-‐101 for exemptions from the minority shareholder approval requirement of MI 61-‐101 as the fair market value of the transactions did not exceed 25% of the Company's market capitalization.
About Ecuador Gold and Copper Corp.
Ecuador Gold and Copper Corp. is a Canadian exploration and mining company focused on its gold and copper mineral properties located in the Province of Zamora-‐Chinchipe in southern Ecuador. The Company has completed a Preliminary Economic Assessment of its Santa Barbara Gold and Copper Project dated May 29, 2015, and is currently listed on the TSX Venture Exchange under the symbol 'EGX'. For additional information, please visit us at www.ecuadorgoldandcopper.com.
For further information please contact: Heye Daun
President & CEO
Telephone: +1 (604) 687 2038 (Vancouver Office) Email: [email protected]
Cautionary Note
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.