Please see the lawyers that are being used in this case at the bottom. It might make sense to try and use those same lawyers.

Can we please have a volunteer to call Bennett Jones on Monday?

Aurelian Resources Inc. Class Action

The Nature of the Claim

The Aurelian claim is proceeding as a class action in Ontario, for the benefit of warrant-holders who are Ontario and Alberta residents. Bennett Jones LLP (Toronto office) and May Jensen Shawa Solomon LLP (Calgary) represent the plaintiffs in this class action.

WARNING TO NON-RESIDENTS OF ALBERTA OR ONTARIO, CANADA: If you are not a resident of Alberta or Ontario, Canada you are not included as a plaintiff or class member in this class action, and therefore will not be entitled to the benefit of any judgment or settlement that may be reached on behalf of the class members. If you fall into this category, you may wish to contact us to discuss your legal rights and options, or you may wish to consult independent legal counsel.

Please note that the Statement of Claim and the following information consist of unproven allegations that have not been tested in a Court of Law.

This class action arises from a number of warrants issued by Aurelian in 2003. The warrants were issued as part of a unit, which consisted of one warrant and one common share of Aurelian. It was expected that the warrants would have a four year term, with the final two years of this term being subject to the necessary stock exchange approval.

Each warrant entitled the holder to purchase one common share of Aurelian. The price per common share for such purchases increased over time in accordance with the length of time the warrants remained outstanding, with the prices being:

Despite the fact that the Share Purchase Warrant Agreement contains an express convenant from Aurelian to use "all commercially reasonable efforts" to extend the date until which the warrants may be exercised from June 6, 2005 to June 6, 2007, Aurelian failed to take the necessary steps to obtain the approval of the relevant stock exchange.

Aurelian then advised warrant holders that the condition precedent for the extension of the warrants had not occurred and that, accordingly, the warrants expired on June 6, 2005, thereby depriving the warrant holders of the benefit of a further two years of validity at a time when the exercise of the warrants would have been very profitable to the warrant holders.

The representative plaintiffs sue Aurelian on a number of grounds arising from the above unproven facts, as well as others. A PDF copy of the Amended Statement of Claim in the Ontario class action can be viewed by clicking on the link below.

Certification of the Class Action

Justice Paul Perell of the Ontario Superior Court of Justice granted a Certification Order in this matter, by consent, on March 3, 2008. The Certification Order allows the proposed class action to proceed as a class action certified under the (Ontario) Class Proceedings Act, 1992, for the benefit of all warrant holders resident in Ontario and Alberta. A class action is a lawsuit whereby one or more individuals, as Representative Plaintiff(s), conduct a lawsuit on behalf of an entire class of Plaintiffs who have suffered similar harm by the actions of one or more Defendant(s). Although all Plaintiffs do not necessarily have a say in how the lawsuit is conducted, they may nonetheless follow the lawsuit and share in compensation should the Defendant(s) be ordered to pay damages in the class action lawsuits. In this case, the members of the class are defined in the Certification Order as being:

All persons resident in Ontario and Alberta who, pursuant to Share Purchase Warrant Agreements and/or Subscription Agreements, purchased Aurelian Resources Inc. warrants that were issued in or about June 2003 and did not exercise these warrants prior to June 6, 2005.

Timothy Yee (an Alberta resident) and Timothy Gallagher (an Ontario resident) have been appointed by the Court as Representative Plaintiffs for the class.

More detailed information, and documents, are available by registering and logging in to the secure portion of this site.

The Common Issues

Pursuant to the Certification Order, the following common issues have been certified and will be decided in the Ontario class action:

The Alberta Action

On August 25, 2006 a Statement of Claim was filed against Aurelian pursuant to the Alberta Class Proceedings Act by May Jensen Shawa Solomon LLP (MJSS) on behalf of Timothy Yee as Representative Plaintiff in the Alberta Court of Queen’s Bench, Judicial District of Calgary. The Alberta action was commenced on behalf of all Alberta holders of Aurelian warrants.

Pursuant to the Order of Justice Paul Perell of the Ontario Superior Court of Justice of March 3, 2008, the Ontario class definition has been expanded to include Alberta residents. The parties contemplate that the Alberta action will be stayed pending the outcome of the expanded Ontario class action.

Instructions

If you are a holder of Aurelian Warrants issued on or about June 6, 2003 pursuant to a Subscription Agreement and the Share Purchase Warrant Agreement, you may be a Class Member (Plaintiff) in this action and may have a claim against Aurelian. If you think this is the case, please click on the sign up link below to register yourself as a class member in the appropriate action. If your registration is accepted, you will be provided a user name and a password which will give you access to a secure portion of this site. The secure portion of this site will provide Plaintiffs with updates as to occurrences in the Alberta and Ontario Actions, and will provide other pertinent information.

Counsel for the Plaintiffs