The Polaris-Taku gold project in northwestern British Columbia is expected to remain dormant until a dispute is settled between Canarc Resource (VSE) and the former controlling shareholder of Rembrandt Gold Mines (ASE).
Canarc acquired 63% of Rembrandt’s outstanding shares earlier this year under a takeover offer of one common share of Canarc for every 3.5 common shares of Rembrandt.
The former controlling shareholder, which holds about 18% of Rembrandt’s outstanding shares, filed a proceeding in the provincial Supreme Court against Rembrandt, Canarc and two directors of Canarc.
The shareholder is seeking costs from Rembrandt to launch a suit in the name of all Rembrandt shareholders, alleging they were cheated out of the fair value of their stock.
A hearing is set for Sept. 10.
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