Petromin Provides Update on Legal Actions
Tuesday, 23 February 2016
Petromin Resources Ltd. advises that the British Columbia Supreme Court (the "Court") has denied applications (the "Applications") by dissident shareholders Ivano DeCotiis and Tyrone Daum (the "Dissidents"), made in connection with the legal actions commenced by them (the "Legal Actions"), as initially disclosed in the Company's news releases dated December 23, 2015 and January 11, 2016. In the Applications, the Dissidents asked the Court to impose an injunction preventing a private British Columbia company in which the Company is a 17.29% shareholder, from disbursing any funds that it may receive in the future in connection with international arbitration proceedings in which it is involved. In the course of the Applications, the Dissidents also made further unsubstantiated allegations of fraud against the Company's current and former directors.
Mr. Justice Ehrcke of the Court, in oral reasons of judgement, dismissed outright the Applications made by the Dissidents, and ordered costs against the Dissidents, payable forthwith. Mr. Justice Ehrcke also cautioned the Dissidents that if they continued to make highly controversial allegations against current and former directors of the Company without substantiation, they would suffer further costs awards on an increased or special scale. The denial of the Applications is not a final resolution of the Legal Actions.