Toronto, Ontario--(Newsfile Corp. - October 24, 2016) - Ecuador Gold & Copper Corp. (TSXV: EGX) (the "Company"), is
pleased to announce that, further to the Company's news releases of March 31, 2016 and September 9, 2016, in conjunction with the
proposed plan of arrangement with Odin Mining and Exploration Ltd. ("Odin"), all holders (the "Debenture
Holders") of the outstanding debentures of the Company ("Debentures") have agreed to exercise their right to convert the
outstanding principal amount under their Debentures into units of the Company (the "Units"). Each Unit will consist of
one common share (a "Conversion Share") and one half of one common share purchase warrant (a "Warrant").
Each whole Warrant entitles the holder to purchase one additional common share (a "Warrant Share") at a price of $0.20
for 24 months from the date of conversion of the Debentures.
Debentures in the total principal amount of US$1,250,000 (the "New Debentures"), comprised of US$232,784 senior
secured Debentures and US$1,017,216 unsecured convertible Debentures issued by the Company on September 8, 2016 will be converted
at a price of C$0.40 per Unit. The Warrants contained in the Units acquired upon conversion of the New Debentures entitle the
holder to purchase one additional common share (a "Warrant Share") at a price of $0.40 for 24 months from the date of
conversion of the Debentures.
Amended and restated senior secured Debentures in the total principal amount of US$3,156,025 as amended effective March 31, 2016
(the "Amended Debentures") will be converted at a price of C$0.20 per Unit. Additional Debentures issued as of March
31, 2016 in the total principal amount of US$500,000 (the "Additional Debentures") will be converted at a price of C$0.20
per Unit. The Warrants contained in the Units acquired upon conversion of the Amended Debentures and the Additional Debentures
entitle the holder to purchase one additional common share (a "Warrant Share") at a price of $0.20 for 24 months from the
date of conversion of the Debentures.
In addition, all Debenture Holders have agreed to convert all accrued unpaid interest under their Debentures in the amount of up
to $375,693 into common shares at a price of C$0.77 per share. The conversion of the interest under the Debentures into common
shares is subject to acceptance by the TSXV.
The Debenture Holders have all also agreed to exercise their Warrants, on a cashless basis, by way of an exchange of their
Warrants for that number of common shares of the Company determined by multiplying the total number of Warrant Shares issuable on
exercise of the Warrants by a fraction, the numerator of which will be the difference between (x) the market price of the Company's
common shares on the trading day before the date of cashless exercise of the Warrants (the "Market Price") and (y) the
exercise price of the Warrant Shares, and the denominator of which will be the Market Price.
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, Chief Executive Officer and Director
Telephone: +1-604-687 2038 (Vancouver Office)
Email: hdaun@ecuadorgoldandcopper.com
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.
