Amber Capital CorrectionHi again Tottenham
i need to to correct my previous comments on Amber. I mistakenly said Amber acquired 10% of the outstanding shares of EOM to get control. It is obviously 20%. I have pasted their notice below. Amber collected another million shares after that event.
i posted news about Batista in trouble for possible insider trading. He apparently exaggerated the level of resources. If we all recall, Ventana's 43-101 was 3.5 million ounces of gold but after buyout by AUX Batista was spouting increase in resources to about 9 million ounces ....without a revised estimate. He has no doubt lost credibility with potential investors. It is questionable if he has the leverage to finance a buyout of EOM if we ever get to that.
Amber Capital LP: Press Release and Early Warning Report
NEW YORK, NEW YORK--(Marketwire - Sept. 24, 2012) - Amber Capital LP -
1. Name and address of the offeror.
Amber Capital LP
900 Third Avenue
Suite 200
New York, NY 10022
2. The designation and number or principal amount of securities and the offeror's securityholding percentage in the class of securities of which the offeror acquired ownership or control in the transaction or occurrence giving rise to the obligation to file the news release, and whether it was ownership or control that was acquired in those circumstances.
On September 21, 2012, Amber Capital LP, on behalf of Amber Global Opportunities Master Fund Ltd., PM Manager Fund, SPC on behalf of and for the account of Segregated Portfolio 22 and Amber Latin America LLC on behalf of and for the account of Series One and Series Three, which are investment funds managed by it (collectively, the "Offeror"), acquired ownership and control of 1,800,000 common shares (the "Acquired Shares") of Eco Oro Minerals Corp. (formerly Greystar Resources Ltd., hereinafter the "Company"). The Acquired Shares represent approximately 2.14% of the issued and outstanding common shares of the Company (based upon the 84,228,421 common shares stated to be outstanding as of August 9, 2012 by the Company in the Company's Management's Discussion and Analysis for the six months ended June 30, 2012, filed with Canadian securities regulators on August 9, 2012).
3. The designation and number or principal amount of securities and the offeror's securityholding percentage in the class of securities immediately after the transaction or occurrence giving rise to the obligation to file a news release.
After giving effect to the acquisition noted in item 2 above, the Offeror beneficially owns and controls 17,484,143 common shares in the capital of the Company, representing in the aggregate approximately 20.8% of the outstanding common shares of the Company (based upon the 84,228,421 common shares stated by the Company to be outstanding as of August 9, 2012).