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News Focus
C.GRCM | 5 hours ago VANCOUVER, BC, June 7, 2024 – Geologica Resource Corp. (CSE:GRCM, FSE:862 ) (“Geologica” or the “Company”) is pleased to announce the closing of its previously announced financing and property acquisition. The Company intends to issue 4,301,450 Units at $0.035 per unit for total proceeds of $150,550 (the “Units”) each Unit consists of a share and a whole warrant. Each warrant may be exercised for 1 (one) share for 2 (two) years from closing for $0.05. A warrant holder must exercise the Warrant, within 30 days of the shares of the Company trading at a 20 day VWAP of $0.20 or greater once the 4 month statutory hold has expired. The Company paid finders fees of $10,928 and issued 312,229 finders warrants. The warrants have the same terms as above. The proceeds of the financing will be used for exploration work and general administration. In a sperate transaction the Company issued 2,000,000 shares to complete the acquisition of the Topley West Property as announced March 28, 2024. The Company has also issued 100,000 shares at a deemed price of $0.045 to settle outstanding debt with an unrelated party. The securities issued under the financing will be subject to restrictions on resale for 4 (Four) months and a day, pursuant to applicable Canadian securities laws and the rules of the Canadian Securities Exchange. TOPLEY LANDING PROJECT TOPLEY LANDING PROJECT The claims to be explored at Topley Landing are overlapped by Lake Babine Nation (LBN) traditional territory; In consultation with the Lake Babine Nation, Geologica has been granted access to Topley for completion of an IP survey; Geochemistry has identified high priority exploration target areas and kilometer-scale VMS target areas; The region is known for its large porphyry, copper/gold, and copper/molybdenum deposits including the on-trend past-producing Granisle and Bell copper mines; American Eagle Gold Corp. has discovered a copper deposit on trend with Topley; The property is located in central BC, is road accessible and cost effective to explore year round BC Hydro power lines transect the property and several water sources are available on the property; Rail Access to tide water is only 40km away; Porphyries contain the largest reserves of Copper and close to 50% of gold reserves in BC; Topley Property consists of 11 mineral claims totaling 4,216 Ha with six known prospects and showings. About Geologica Resource Corp. Geologica Resource Corp. is a mineral explorer, building shareholder value through the acquisition of projects with significant technical merit. The Company has an option agreement and a purchase agreement for 100% of the mineral claims known as the Topley Project, located in central British Columbia. Further information on Geologica Resource Corp. can be found on the Company’s website https://geologicaresource.com/ and on SEDAR at https://www.sedarplus.ca Doug Unwin President & CEO (604) 762-5355 doug.unwin@geologicaresource.com Forward-Looking Statements This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “ensuring”, “believe”, “anticipate”, “will”, “would” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s plans and objectives with respect to the Topley Project. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, failure to obtain all necessary regulatory approvals, risks and uncertainties inherent in the exploration and development of mineral properties, and other risk factors set forth in the long-form prospectus of the Company dated July 22, 2022 under the heading “Risk Factors”, a copy of which is available on the Company’s SEDAR profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws. Tags: INDUSTRIAL METALS & MINERALS 0 Related News @ the Bell: Resource stocks lift TSX 21 hours ago @ the Bell: How did markets react to the BoC rate cut? 1 day ago @ the Bell: TSX hits one-month low 2 days ago Recent U.S. Press Releases Geologica Closes Financing And Property Acquisition 5 hours ago INDUSTRIAL METALS & MINERALS ADDITION OF NEW COPPER CLAIMS AT TOPLEY PROJECT April 18, 2024 INDUSTRIAL METALS & MINERALS Xcyte Digital Corp. 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Bullboard - Stock Discussion Forum MountainWest Resources Inc. C.MWR

CSE:MWR - Post Discussion

MountainWest Resources Inc. > Excerpts from the Verdict
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Post by MTStack on Dec 07, 2022 1:45pm

Excerpts from the Verdict

I found the following statements of the BC Court of Appeals Verdict to be especially interesting.  [Numbers indicate the paragraph within the verdict.  Underlining mine.]

. HELD: Appeal dismissed. The panel’s liability and sanctions decisions were procedurally fair. The panel did not err: with respect to admitting and assessing expert evidence; by scrutinizing the parties’ evidence unevenly; by refusing to grant the appellants an adjournment; by failing to assist the appellants as self-represented parties; in assessing and imposing sanctions; or by failing to give sufficient reasons.

[12]     ]       By 2015, Mountainstar had paid Mr. Lopehandia USD 4.6 million under the option agreement. As Mountainstar had no meaningful revenue, Mountainstar raised these funds through investors. Unfortunately, on the evidence adduced at the hearing, the option agreement proved to be worthless. 

[13]    According to the evidence of the Executive Director’s expert witness, Mr. Ossa, in 2011, Mr. Lopehandia had simply filed petitions (applications) with the Chilean courts to acquire mining concessions but his petitions were successfully opposed by pre-existing rights-holders or cancelled between 2012 and 2014. In other words, Mr. Lopehandia never actually acquired any mineral exploration or exploitation rights to the areas in issue. 

[
16]     Despite having ample opportunity to do so, Mountainstar and Mr. Johnson did not produce any objective evidence at the hearing before the panel to counter Mr. Ossa’s evidence. Nor did they seek to introduce such evidence on appeal. They did not give a satisfactory explanation for this obvious shortcoming in their case.

[46]       Furthermore, the panel noted that in an interview with Commission staff Mr. Johnson had acknowledged he had been aware the Villar proceedings had been dismissed in full when Mountainstar made the MD&As in issue. He had described the proceedings as “not determinable” because Mountainstar and Mr. Johnson believed the outcome was “completely wrong”. In other words, regardless of any advice by the Chilean lawyer, Mr. Johnson knew Mountainstar’s statements about the Villar proceedings were false or misleading.


As to Mr. Ossa:  

The panel did not make a palpable and overriding error in assessing Mr. Ossa’s qualifications or by relying on his evidence.
 
[61]       Mr. Ossa’s evidence consisted of his May 31, 2017 affidavit and his hearing testimony. Although Mr. Ossa was qualified as an expert in Chilean law, I agree with the Executive Director that he gave primarily factual evidence. In particular, he accessed, reviewed and described relevant and publicly available decisions of various courts in Chile. He did not need personal knowledge of these decisions to describe their outcomes to the panel any more than counsel for Mountainstar and Mr. Johnson needed personal knowledge of the many authorities he cited to this Court in argument. Mr. Ossa attached copies of the relevant decisions to his affidavit. The Executive Director provided certified translations of these decisions to the panel.
 
[62]       Mr. Ossa also described the process of obtaining a mining concession in Chile and testified that Mr. Lopehandia had only ever applied for, but was never issued any, mining concessions. Again, Mr. Ossa did not need personal knowledge to testify about these topics.
 
[63]       Mr. Ossa was eminently qualified to provide this factual and opinion evidence. He has law degrees from a university in Chile as well as Oxford, lectures abroad at prestigious law schools, has extensive litigation experience in Chile (including cases relating to mining law issues), is a senior partner at a leading Chilean law firm and has been qualified to provide expert evidence on Chilean law in a number of countries, including the United States, the United Kingdom, Israel and Canada. Mr. Ossa testified that he was aware of his duty not to act as an advocate for any party. Mountainstar and Mr. Johnson did not adduce any evidence to establish that Mr. Ossa had a conflict of interest.
 
[64]       Section 173 of the Act empowered the panel to “receive relevant evidence submitted by any person” and the panel was “not bound by the rules of evidence.” Without question, Mr. Ossa provided highly relevant factual and opinion evidence and it was open to the panel to receive and accept it.
 
[65]       On my review of the record, I can discern no unfairness in the panel’s treatment of Mr. Ossa’s evidence.
 

On JL's testimony:
[74]       As noted by Mountainstar and Mr. Johnson, the panel gave two reasons for rejecting Mr. Lopehandia’s evidence — his personal interest in the outcome and his lack of expertise in Chilean law. The record provides ample support for these findings.
 
[75]       Mr. Lopehandia’s interest in the outcome is obvious. He has been paid handsomely under the terms of the option agreement for a mining interest that, on the evidence, does not exist. It was clearly in his interest to continue promoting the idea that he has title to valuable mining interests to: (1) insulate himself from liability associated with promoting a fallacy; and (2) perhaps receive further payments. While having an interest in the outcome of the hearing did not disqualify Mr. Lopehandia from testifying, it was certainly a factor for the panel to consider in assessing his evidence. It was for the panel to decide whether his evidence was “sufficiently objective to be relied upon”: The Owners, Strata Plan NES 97 v. Timberline Developments Ltd., 2011 BCCA 421 at para. 48.
 
[76]       In terms of expertise, Mr. Lopehandia has experience in the mining industry but is not a lawyer. His formal training in Chilean mining law dates back to 1972 when he graduated as a mining technician.
 
[77]       Despite Mr. Lopehandia’s purported expertise, his various assertions about the state of affairs were not supported by objective evidence. For example, he did not produce documentary evidence of his asserted mining rights over the Amarillo Claims or the Supreme Court of Chile decision he maintains was decided in his favour.
Comment by aurwar on Dec 07, 2022 2:14pm
I just read thru the whole judgement. Very well reasoned, thought out and presented. The appeal by Bj was obviously a Hail Mary, and really didn't stand a chance.  What boggles the mind is how BJ was still presenting to shareholders.." We said Jorge has title and I said (BJ)  " we had already won"... This was issued this week with the PRs. Ossa/ Claro and Chilean ...more  
Comment by slugman on Dec 07, 2022 3:42pm
This post has been removed in accordance with Community Policy
Comment by slugman on Dec 07, 2022 4:24pm
AURWAR, Read Braelorne's post on ihub. Tells you who GINNY the GUZZLER is and what he stands for.....ONLY HIMSELF & DIARRHEA. He couldn't give a damn about you or any MSX shareholder. To him the MSX Shareholders are suckers to be taken..AGAIN & AGAIN & AGAIN..AD FINITUM!! LOPEY THE DOPE has NEVER OWNED one square inch of Mina Pascua DOES NOT NOW and NEVER.EVER WILL! A FACT!!
Comment by aurwar on Dec 07, 2022 5:21pm
I'd like to believe BJ was duped by JRL in early 2010. He was desperate for something to revive interest in MWR, when all the Fitz litigation was going south.  There is no doubt JRL can be very persuasive in person. He definitely sold a few lawyers on the Option Agreement and all that went into it in 2011.The Option Agreement gave BJ and JRL a veneer of credibility.  BJ was very ...more  
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