St. Elias Mines Ltd. - Supreme Court of British Columbia Dismisses Hastmans’ Claims Against St. Elias and Lori McClenahan a...
18 Junho 2013 - 10:48AM
Access Wire
Vancouver, B.C. June 18, 2013 St. Elias
Mines Ltd. (SLI-TSX-V) (the "Company") announces that the
Supreme Court of British Columbia has
released its decision on the Hastman Petition and the December 27,
2012 AGM. The Court dismissed the Hastman Petition in its entirety,
with costs payable by the Hastmans to the Company and Ms.
McClenahan.
In
reaching this decision, the Court stated that "the dissident
shareholders had a responsibility to ensure that their circular was
complete and correct before it was released. They did not meet that
responsibility. Instead they fashioned a document that left out
significant information and misstated other information." The Court
also stated that "there were material misrepresentations in the
dissident circular at the time it was issued and the Petitioners
knew there were material misrepresentations at that time", and that
accordingly, "the chair [i.e., Ms. McClenahan] had the authority
and she had the reasons to reject the green proxies ...." The
Company notes that the decision is 157 paragraphs in length. The
Company intends to post the entire decision on its website, and it
will also be available on the B.C. Supreme Court website
(www.courts.gov.bc.ca/supreme_court).
The Company asks that shareholders and interested members of the
public read the decision in its entirety.
In their
Amended Petition filed March 22, 2013, the Hastmans had sought a
variety of relief, which included an order setting aside the
Dec.
27,
2012 meeting and declaring
themselves and three others elected as the board, as well as claims
for personal liability against the Directors. During the hearing,
the Hastmans dropped the claims against the Directors other than
Ms. McClenahan, and dropped the request for a declaration that the
dissident nominees had been validly elected. They focused in the
hearing on their request for a new meeting. They also continued to
seek orders, among other things, declaring the rejection of the
green proxies to be invalid, declaring the issuance of stock
options to be of no force and effect, and for personal liability
against Ms. McClenahan. All of the orders sought by the Hastmans
were rejected by the Court.
For additional
information on St. Elias and its projects, please visit us
at www.steliasmines.com or
call
1-888-895-5522 (toll free US and Canada) or contact:
ST. ELIAS MINES
LTD.
(signed "Lori
McClenahan")
Lori McClenahan,
President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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