Stetson Awarded Full Damages of $16 M in Claim Against Thomas Weisel Partners for 2008 Incomplete Bought Deal
Stetson Oil & Gas Ltd. (SSN.V) has received the decision of the Ontario Superior Court of Justice (Commercial List) that Thomas Weisel Partners Canada Inc. breached its bought deal engagement letter with Stetson dated July 13, 2008.
The court has ordered Weisel to pay Stetson damages of $16,042,669 plus interest and costs incurred by Stetson in connection with this litigation.
Ahmed Said, the Chairman and Chief Executive Officer of Stetson, commented, "This is a significant win for Stetson and our industry as it confirms the commitments of an underwriter in a bought deal financing. We look forward to using our strengthened balance sheet to pursue an exceptional and attractive investment opportunity."
Stetson is up 7.5 cents (84%) to 16.5 cents late morning. More than 400,000 shares have been traded so far.
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