Formation Metals Inc. (TSX:FCO) announces that the Supreme Court of British Columbia today dismissed Dundee Corporation’s application for an injunction to halt the potential sale of Formation’s Sunshine Precious Metals refinery, copper refinery and certain lands at the Big Creek Hydrometallurgical Complex in Shoshone County, Idaho, to certain entities that are associated or affiliated with Waterton Global Resource Management, Inc.
Dundee sought only injunctive relief and did not proceed with its petition with respect to the issue of shareholder approval of any sale, nor leave to bring a derivative action. The Company will continue to vigorously oppose any further action taken by Dundee against the Company.
As per the Company’s June 14, 2013 news release, Formation considered the allegations made by Dundee publicly to be without merit, to be designed to disrupt the business of the Company and to be brought for collateral purposes related to Dundee’s previously announced intention to contest the election of directors at the upcoming Annual General and Special Meeting of the Company on June 21, 2013.
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