Guyana Goldfields Inc (GGI) yesterday said it has become aware that a statement of claim was filed on March 18, 2020 with the Ontario Superior Court of Justice to commence a proposed class action lawsuit against the Company and its former President and Chief Executive Officer, Scott Caldwell.
Canadian miner, GGI is doing large scale gold mining at Aurora in Region Seven.
GGI said that the representative plaintiff named in the statement of claim is seeking an unspecified amount of damages for certain alleged misrepresentations made by the Company in its public disclosure during the period from December 14, 2017 to October 30, 2019.
The claim, according to GGI, has not yet been served on either of the defendants. It has not been certified by the Court as a class action, nor has the required leave of the Court been sought under Section 138.8 of the Securities Act (Ontario) to commence the lawsuit. GGI says it intends to vigorously defend the claim.
In April last year, former GGI Chairman, Patrick Sheridan, had threatened to file a lawsuit against Caldwell amid a battle that had been waged for control of the GGI board. An agreement was subsequently reached between Sheridan and GGI on changes to the board.
