OTCPK:MEAOD - Post by User
Comment by
JRaffleson Aug 29, 2011 12:52pm
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Post# 18989798
RE: RE: Poursuite de $1,1M
RE: RE: Poursuite de $1,1MIf the C$1.1 is a settlement of the claim, then this is about 50% of the Metenor estimate, which was recorded as a contingent liability in Schedule 7 of the Sandstorm ageeerment (copy from Sedar below).
As markets dislike uncertainty and this apparent settlement is less than the company's disclosure of the contingent liability, then this should not be detrimental to the share price.
The deceased miners were employees of the shaft drilling company and it may be relevan tthat they completed their shaft construction on time and on budget and therefore Metanor and the claimant may have decided to reach a settlement and move on.
Source : SEDAR
SANDSTORM AGREEMENT
SCHEDULE "D" DISCLOSED LITIGATION
QUEBEC SUPERIOR COURT FILE 615-17-000467-109
PARTIES :-
ENTREPRENUUR MINIER MONTALI INC V RESSOURCES METANOR INC
CLAIM - £2,130,767.12 DAMAGES
FILED IN COURT 22 OCTOBER 2010
EXPIRY DATE TO ENSCRIBE THE CASE - 31 JANUARY 2011