The Prospector News

Northland Learns of Potential Legal Claim in Canada

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

 

 

 

 

 

 

Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) has learned that a statement of claim seeking certification as a class proceeding has been issued by the Ontario Superior Court of Justice.

 

The claim which names the Company and certain officers, former officers and former directors of the Company as defendants and seeks to certify a class of all persons who acquired securities between April 1, 2012 and January 23, 2013 and who held securities as of January 23, 2013. The plaintiff alleges that the defendants failed to make timely disclosure of cost escalations and overruns relating to the Company’s Kaunisvaara Project. The plaintiff is seeking leave of the Ontario Superior Court of Justice to proceed with statutory misrepresentation claims for secondary market liability and also asserts common law claims for negligence, negligent misrepresentation and civil conspiracy. The claimed damages are not specified apart from a claim made for punitive damages in the amount of CAD 10 million. The statement of claim has not yet been served on the Company or any of the other parties. If and when the statement of claim is served on the Company, the Company intends to vigorously defend the claim.

 
Northland Resources S.A.

 

Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study (“DFS”) for its Hannukainen Iron Oxide Copper Gold (“IOCG”) project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant.

Posted September 19, 2013

Share this news article

MORE or "UNCATEGORIZED"


Fortuna Reports First Quarter 2021 Financial Results

Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reported record... READ MORE

May 10, 2021

McEwen Mining Reports Upbeat Exploration & Delineation Results

Including true width intervals of 6.08 g/t Au over 25.7 m at Stoc... READ MORE

May 10, 2021

Imperial Reports First Quarter 2021 Financial Results

Imperial Metals Corporation (TSX:III) reports financial results ... READ MORE

May 10, 2021

McEwen Mining: Q1 2021 Results

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX)  reported its first qu... READ MORE

May 10, 2021

Cameco reports first quarter results, Cigar Lake restart and the continued execution of strategy to support global clean-air transition

Cameco (TSX: CCO) (NYSE: CCJ) reported its consolidated financial... READ MORE

May 7, 2021

Copyright 2021 The Prospector News