Now this is good news ...Laurion says OSC dismisses Norcott et al. case
Laurion Mineral Exploration Inc (C:LME)
Shares Issued 34,445,776
Last Close 9/7/2007 $0.10
Thursday September 13 2007 - News Release
Ms. Cynthia Le Sueur-Aquin reports
LAURION ANNOUNCES SETTLEMENT OF LITIGATION CLAIMS WITH SUBSTANTIAL COSTS
A judge of the Ontario Superior Court of Justice in Toronto has signed a judgment dismissing all of the claims made by Robert Norcott (formerly the president and director of the corporation), Joan Norcott, William Norcott and 1326725 Ontario Ltd., in their action against Laurion Mineral Exploration Inc. and certain of its directors, namely Cynthia Le Sueur-Aquin, Michael Bourassa, Gerard Lanthier and Terrence Byberg. The judgment requires the plaintiffs to forthwith pay Laurion costs in the amount of $70,000. In making his ruling on costs the judge said: "It should have been obvious to the plaintiffs -- long ago -- that this action had no merit. Proceeding with this action after the admissions (made by the plaintiffs) can be considered to be, and I so find it to be, frivolous".
In the action, which was commenced by statement of claim dated Dec. 23, 2003, the plaintiffs claimed damages in the total amount of $30-million and requested, among other things: (i) injunctive relief preventing the issuance of further shares by Laurion; (ii) an accounting of all shares issued by Laurion; (iii) an order preventing and setting aside the issuance of stock options to the directors of Laurion; (iv) an order appointing a receiver to report to the court on the management of Laurion; and (v) an order removing the board of directors that was elected at the meeting of shareholders held in April, 2003. As stated above, all claims were dismissed.
Ms. Le Sueur-Aquin, president of Laurion and a defendant, stated: "We, as a company and a board, are very pleased with the dismissal of these claims. These claims have always been viewed by us as without merit and the Ontario Superior Court has agreed with us in awarding costs. We look forward to putting this action behind us and focusing on developing Laurion's resources and creating additional corporate opportunities."
© 2007 Canjex Publishing Ltd.