BC Supreme Court Dismisses Dissident Shareholders Claim Against St Elias Mines, But Shares Dip Slightly

By MidnightTrader.com Staff,

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St Elias Mines (SLI.V) is down half a cent to 9 cents mid-morning. Close to 140,000 shares have been traded so far.

The BC Supreme Court dismissed the Hastman Petition in its entirety, with costs payable by the Hastmans to the Company and Lori McClenahan.

The Court stated that "the dissident shareholders had a responsibility to ensure that their circular was complete and correct before it was released. They did not meet that responsibility. Instead they fashioned a document that left out significant information and misstated other information." The Court also stated that "there were material misrepresentations in the dissident circular at the time it was issued and the Petitioners knew there were material misrepresentations at that time", and that accordingly, "the chair [i.e., Ms. McClenahan] had the authority and she had the reasons to reject the green proxies."

St Elias Mines is just above a yr low of 8 cents.

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This article appears in: Investing Commodities
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