Let's break it down into it's simple "sequence of events"...... Like watching two kids fighting and mom steps in :)
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URSA Major Minerals Receives Favourable Decision from Ontario Superior Court in Decision to Cancel Special Meeting of Shareholders.
First: ISM requisitioned the meeting for the purpose of "the election of a board of directors as proposed by (ISM)".
Second: Despite numerous requests from URSA Major's management and legal counsel, ISM refused to provide their proposed nominations for the board of directors of URSA Major.
Third: On February 2, 2011, as a result of ISM's failure to provide proposed nominees to the board, URSA Major cancelled the shareholders' meeting that had been scheduled for March 3, 2011.
Fourth: Subsequently, ISM filed a motion with the Ontario Superior Court of Justice to have the court set a shareholder meeting date.
Mom decides: After hearing the case on February 22, 2011, the Ontario Superior Court dismissed ISM's motion on the basis that ISM's shareholder meeting requisition was invalid.
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So the court (Mom) decides that the ISM requested meeting was invalid based on the fact that ISM would not supply a list of possibles for the slate of directors etc. Is that what it boils down to? As in how can you have a meeting if there are no details for the meeting? So whats the next move for ISM, provide the list of possible candidates now and thus make the meeting valid?
Who knows what's next? Any guesses? Also there is an additional notice of application in the works........... Do note that it had been scheduled for ISM originally but cancelled once ISM would not reveal details of the possible director list.
"a notice of application in the Ontario Superior Court of Justice (Commercial List) under sections 106 and 248 of the Business Corporations Act, Ontario seeking, among other things, a declaration that the private placement that closed on January 31, 2011 be reversed. URSA Major intends to vigorously defend its position.
