Stetson Oil & Gas Ltd. has received the decision of the Ontario Superior Court of Justice Stetson awarded an additional $1,591,813 for court costs, bring the total judgments is approximately $20,061,044
Stetson Oil & Gas Ltd (2) (C:SSN)
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Wednesday August 14 2013 - News Release
Mr. Ahmed Said reports
COURT AWARDS STETSON COSTS AND INTEREST IN LITIGATION AGAINST STIFEL NICOLAUS CANADA INC. (FORMERLY THOMAS WEISEL PARTNERS CANADA INC.)
Stetson Oil & Gas Ltd. has received the decision of the Ontario Superior Court of Justice (commercial list) that Stifel Nicolaus Canada Inc. (formerly Thomas Weisel Partners Canada Inc.) must pay Stetson the sum of $1,591,813 to cover costs and disbursement fees incurred by Stetson during the litigation against Stifel Nicolaus, along with $2,426,574 in prejudgment interest fees. This award is in connection with the litigation respecting the 2008 failed bought-deal financing and it is in addition to the previous $16,042,669 in damages the court ordered Stifel Nicolaus to pay Stetson in March, 2013. The total amount of this recent judgment is $4,018,375. Stifel Nicolaus filed an appeal notice with the Ontario courts to appeal the initial decision but a date has not yet been set for the court to hear the matter.
Ahmed Said, chairman and chief executive officer, commented: "We are pleased with the recent award for costs and interest in association with the failed bought deal, and the total amount of the judgments is approximately $20,061,044."
Stetson has posted a copy of the decision under its profile on SEDAR.