Supreme Court of British Columbia Rules in Favour of Ximen Mining Corp. Against Dissident Shareholders
(firmenpresse) - Supreme Court of British Columbia Rules in Favour of Ximen Mining Corp. Against Dissident Shareholders
Vancouver, B.C. - (April 11, 2018 - TSX.V: XIM) Ximen Mining Corp. (the Company or Ximen) is pleased to announce that it has been wholly-successful in its defense of a shareholder oppression action brought in the BC Supreme Court (the Court) against the Company and its directors by a group of dissident shareholders led by Mr. Allan Slaughter (the Petitioners). The Petitioners are all related in the sense that they are family, friends or clients of two investment advisors, Timothy Wyman and Greg Obertas of TD Wealth Private Investment Advice. The central element of the Petitioners claim against the Company was that, because of the handling of certain transactions by the Company, the Petitioners were, contrary to their expectations, unable to vote some of their shares at the Companys 2017 annual general meeting.
In his reasons for judgment, in Slaughter v. Ximen Mining Corp., 2018 BCSC 573, dismissing the Slaughter groups petition, Mr. Justice Skolrood concluded there has been no oppressive or prejudicial conduct by the Company or its directors. In concluding that most of the Petitioners affidavit evidence was inadmissible, Justice Skolrood stated that, They failed to adduce this essential evidence as part of their case, i.e. in support of the petition, and it is not open to them to subsequently seek to patch up their case under the guise of reply evidence. Skolrood J. then went on to state that, even if these affidavits were admissible, they are not sufficient to establish the reasonable expectations alleged. They are all crafted using identical cookie cutter language clearly intended to satisfy the legal test for oppression, which raises a question as to their veracity.
The Court made clear that that law requires that a shareholder, such as Mr. Slaughter, who alleges oppression must establish, on the evidence, both a reasonable expectation and a violation of that expectation as a result of conduct that is oppressive or unfairly prejudicial; and found that Mr. Slaughter had failed to establish either element. The petition was dismissed in its entirety, with costs in favour of Ximen and its directors, as is customary.
The Companys CEO, Chris Anderson, commented that, Were pleased to have this regrettable distraction from the Companys mineral exploration business resolved so that we can get on with our efforts to prove out our projects and add shareholder value.
On behalf of the Board of Directors,
Christopher R. Anderson
Christopher R. Anderson,
President, CEO and Director
Ximen Mining Corp. 604 488-3900
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Leseranfragen:
Ximen Mining Corp. ist ein börsennotiertes Unternehmen, das an der TSX Venture (XIM) sowie in Deutschland an den Börsen in Frankfurt, Stuttgart und Berlin (U9U) unter dem Kürzel A1W2EG notiert.
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