Ursa Major wins court battle about reversing placement
2011-03-02 12:04 ET - News Release
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Dr. Richard Sutcliffe reports
URSA MAJOR MINERALS RECEIVES FAVOURABLE ONTARIO SUPERIOR COURT DECISION DISMISSING INSPIRATION MINING'S APPLICATION TO REVERSE PRIVATE PLACEMENT
On March 1, 2011, the Ontario Superior Court of Justice dismissed Inspiration Mining Corporation's court application, in which ISM sought, among other relief, to reverse the private placement that Ursa Major Minerals Inc. closed on Jan. 31, 2011, and to restrict the rights of the private placees to vote at the next shareholder meeting of Ursa Major. After legal argument, a judge of the Ontario Superior Court confirmed that ISM's application was dismissed in its entirety with written reasons to follow. The court has also advised that ISM will be ordered to pay $11,000 in costs in favour of Ursa Major.
This is the second favourable court decision that Ursa Major has received in the past week from the Ontario Superior Court of Justice (commercial list) in relation to motions brought forward by ISM. Previously, on Feb. 23, 2011, the Ontario Superior Court dismissed ISM's motion to have the court set a shareholder meeting date. After hearing the case on Feb. 22, 2011, the Ontario Superior Court dismissed ISM's motion on the basis that ISM's shareholder meeting requisition was invalid.
