RE:RE:RE:RE:RE:Wrongful Interference
Fission says Dahrouge fraudulently acquired permits
2013-08-01 13:38 ET - Street Wire
by Mike Caswell
Fission Uranium Corp. has filed a lawsuit in the Supreme Court of British Columbia against its former president and director, Jody Dahrouge, claiming he fraudulently acquired a number of exploration permits the company once held. According to the suit, Mr. Dahrouge participated in the company's plan to allow the permits to expire. He then acquired some of the ground himself.
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| FISSION ENERGY |
| Jody Dahrouge |
The allegations are contained in a notice of claim that Fission filed at the Vancouver courthouse on Monday, July 29. The company complains of events that took place after January, 2009, when it was facing "adverse financial conditions" and decided to allow some of its ground to lapse. The company's plan was to reacquire the permits once financial conditions improved.
After the company allowed the permits to expire, Mr. Dahrouge unexpectedly acquired some of that same ground, the suit states. He acquired the permits through two private companies he and his wife Debbie held, according to Fission. In acquiring the ground, Mr. Dahrouge "fraudulently and dishonestly breached and continues to breach his fiduciary obligations to [Fission]," the notice of claim reads.
The company says that it was subject to a "peculiar vulnerability" as a result of Mr. Dahrouge's roles as an officer and director. He served as president from July, 2007, to September, 2008, and then as a director until April, 2013. As a result of his relationship with the company, Mr. Dahrouge had amassed "considerable proprietary and confidential information" belonging to Fission, the suit reads. Among other things, he knew knew the financial value of the company's permits in the Athabasca region and had access to exploration reports.
The suit seeks damages, court costs and an order transferring to Fission the permits that Mr. Dahrouge's companies still hold. The suit states that Mr. Dahrouge has transferred some of the ground to a TSX Venture Exchange company, Lakeland Resources Inc. Although Fission does not seek the return of those permits, it does ask for an accounting of profits.
Vancouver lawyer James Sullivan of Blake, Cassels & Graydon LLP filed the suit on behalf of Fission. None of the defendants (Mr. and Mrs. Dahrouge, 877384 Alberta Ltd., and Dahrouge Geological Consulting Ltd.) has filed a response to the suit.
Fission closed at 97 cents Wednesday, up three cents.
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