RE:354k vacation pay last quarter and 2 lawsuits pending
You missed a new lawsuit in their amended form 10, cheers. Lampert Advisors, LLC Claim. On April 19, 2021, Lampert Advisors, LLC (Lampert) filed a Verified Complaint against our wholly owned subsidiary Western Magnesium Corporation, a Nevada corporation (Western Magnesium Nevada) in the Supreme Court of the State of New York, County of New York (Index No. 652738/2021) (the Lampert Lawsuit). The complaint filed in the Lampert Lawsuit alleges that Lampert entered into an agreement with Western Magnesium Nevada to provide various financial advisory services including acquisition advisory services and act as an exclusive placement agent for a debt and equity securities (the Lampert Agreement), that it performed all services required under that agreement and such services were received and accepted by our subsidiary, that it is owed $367,227.32 plus interest at the rate of 9% from February 3, 2021 and that it has a right of first refusal to act as financial advisor in connection with any debt, equity or debt restructuring assignments on terms, conditions and compensation customary for Lampert for a transaction of the type contemplated. Although Lampert claims to have personally served Western Magnesium Nevada, the company never received the Summons and Complaint and therefore, never submitted a response. On September 9, 2021, Lampert filed a Motion seeking the entry of a default judgment (the Motion) alleging that Western Magnesium Nevada failed to file an answer or motion with respect to the complaint in this lawsuit within the time period provided under the civil rules of procedure. On October 6, 2021, Western Magnesium Nevada filed a request to extend the time to respond to the Motion. This request was granted and Western Magnesium Nevadas time to respond to the Motion is now October 21, 2021. On October 21, 2021, we filed a memorandum of law in opposition to Lamperts motion for default judgement and in support of its cross-motion to compel acceptance of our answer (the Response to Motion for Default) and supporting affidavits. We also filed on October 21, 2021 a proposed answer and affirmative defenses which deny, in substantial part, Lamperts allegations and the affirmative defenses state our defenses, reasons why the Lampert Lawsuit lacks legal foundation and is without merit. On October 28, Lampert filed a reply affirmation and opposition to cross-motion alleging that we do not have a reasonable excuse for the default nor do we have a meritorious defense to the Lampert Lawsuit. We intend to vigorously defend ourselves and believe the allegations against us in the Lampert Lawsuit lack merit. We cannot predict the outcome of this lawsuit, however.