RE: Maystealer - Re: Slander to TitleCanaco raised money in Canada purporting to own title to 199 Ha of concessions in Tanzania but specifically the Magambazi trend. The reality is that in the middle of the property, like a donut hole, there is someone else's property.
They were informed of competing rights in July, 2010 and they and the Tanzanian government recognized the competing rights in a release October 29, 2010. They closed a big financing in that time period. In essence, Canaco raised money without disclosing the competing rights when they were informed of the existence. They might "MIGHT" be facing actions from those in the financing and the person or group that owns the property.
For several months, if not years, they allowed investors to believe there were no competing rights.
The fact is, they might have lost the financing and significant market cap if they lost the property in question had they disclosed.
It is a not a lock, but it is a pointed spear SOC can use, therefore, it is a risk factor to CAN should they not settle to SOC's satisfaction. That's what my opinion is - take it or leave it.
NO one wants the nuclear bomb lawsuit dropped here. But it won't hurt SOC to do so, it will hurt CAN for sure.