Moag sues former JV partner Highbank
2013-12-27 12:44 ET - Street Wire
See Street Wire (C-MOG) Moag Copper Gold Resources Inc
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by Mike Caswell
Moag Copper Gold Resources Inc. has filed a lawsuit in the Supreme Court of British Columbia seeking 14 million shares of Highbank Resources Ltd., its one-time joint venture partner on the Highland Valley project. Moag claims that the shares are due under a four-year-old option agreement. It says that Highbank has refused to issue the stock, and is asking for appropriate damages.
The allegations are contained in a very brief notice of claim that Moag filed at the Vancouver courthouse on Dec. 23, 2013, against Highbank. According to the notice, the two companies entered into a property option agreement on Dec. 8, 2009, in which Moag granted Highbank an option to acquire 50 per cent of a property in the Kamloops mining district.
Terms of the deal called for Highbank to issue 20 million shares to Moag upon receipt of TSX Venture Exchange approval. Highbank received such approval on Feb. 2, 2011, but only issued six million shares, the suit claims. Highbank has refused or neglected to issue the remainder of the stock, according to Moag.
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