What a joke letting these types in @ .005 of a cent
Vernon resident Amardeep Singh Purewal has filed a pair of lawsuits in the Supreme Court of British Columbia over shares he claims to own in a pair of recently listed Canadian Securities Exchange companies. Mr. Purewal says that he acquired shares of Nabati Foods Global Inc. and Nevada Lithium Resources Inc., but the companies have refused to send his share certificates. At today's closing prices, the shares he seeks would be worth $950,000.
The allegations are contained in two notices of claim that Mr. Purewal filed at the Vancouver courthouse on Oct. 8, 2021. The defendants are Nabati Foods and Nevada Lithium. Also named in each suit is K2 Capital Advisors Ltd., a private entity that owns shares of both companies, as is Olympia Trust Company, the transfer agent.
The lawsuits stem from shares that Mr. Purewal claims to have purchased on Jan. 21, 2021, in the predecessors of Nabati and Nevada Lithium. He says that he bought 400,000 units of Nabati's predecessor at 0.5 cent and 300,000 shares of Nevada Lithium's predecessor at prices of 0.5 cent and two cents. (The prices would make his total cost on the purchases $6,437.)
Mr. Purewal claims that he paid "good and valuable consideration" for the shares and was entitled to immediate possession of the stock, as well as the associated certificates. The shares came with a four-month hold period, which expired on May 22, 2021, for both companies, the suit states. Mr. Purewal claims that he would then have been able to sell the shares.
The problem, as set out in the suit, came as Mr. Purewal attempted to obtain his share certificates. He says that the transfer agent, Olympia Trust, refused to send the documents. Olympia said that it had instructions from the companies to release the certificates to K2 Capital Advisors, and that it was contractually obliged to follow those instructions.
Mr. Purewal claims that he did not authorize the delivery of his certificates to K2 Capital. He says that K2 has, "without lawful authority," taken possession of his certificates. According to the suit, Mr. Purewal is entitled to immediate delivery of the certificates.
As Mr. Purewal sees things, the actions of the companies and K2 have deprived him of the chance to sell his shares. He has not specified his damages, but the present value of the Nevada Lithium shares would be $174,000 and the present value of the Nabati shares would be $776,000. On top of that, Mr. Purewal says that he holds warrants to buy 400,000 shares of Nabati at 0.5 cent (which would be worth an additional $478,000 if he could exercise them today).
The suits seek a declaration that Mr. Purewal owns the shares and warrants, as well as an order for delivery of the certificates. Mr. Purewal is also seeking damages, interest and court costs. The defendants have not yet filed their responses.