BonTerra Resources (TSXV:BTR)
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1 Year : From Dec 2018 to Dec 2019
VAL-D'OR, QC, May 10, 2019 /CNW/ - Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) ("Bonterra" or the "Company") reports it has become aware that a notice of claim has been filed with the Supreme Court of British Columbia, by three consultants seeking payments in the aggregate amount of $246,000 in connection with their consulting agreements entered into in February 2017 and March 2017.
Pursuant to the notice of claim: i) Mr. Meagher, together with Meagher Consulting Inc., is seeking $90,000, representing the termination fee payable in connection with his management consulting agreement. The Company received his invoice on May 6, 2019, and as this amount was never in dispute, payment was promptly made; ii) Mr. Verdejo, together with 0910978 B.C. Ltd., is seeking $66,000, representing the termination fee payable under his consulting agreement for marketing, financing and corporate development services. His invoice was received on May 8, 2019, and as this amount was never in dispute, full payment was promptly made; and, iii) Ms. Cesarone, together with Athena Ventures Inc., is claiming $90,000 in connection with her consulting agreement for corporate secretarial services. However, this claim is without merit as Ms. Cesarone chose to resign.
Greg Gibson, Director and interim Chief Executive Officer stated: "We take our obligations very seriously and value the people who are and have contributed in building this Company. However, we will contest wrongful claims and will not be deterred by concerted efforts to pressure the Company. More importantly, the development of Bonterra's three main projects in the Urban Barry Camp (please see the corporate update dated May 1, 2019) and the expansion of the mill to allow for multiple feed sources and to triple its output capacity is moving along nicely. The overall resource calculation is on track and is expected to be completed this month. Shareholders will be kept informed of all corporate developments."
As announced on April 16, 2019, Navjit Dhaliwal, the former Chief Executive Officer and Director of the Company and, Richard Dale Ginn, the former Vice-President, Exploration and Director of the Company, have jointly filed a notice of claim seeking payments of $1,092,000 each, alleging a contractual breach and unjust enrichment by the Company, in connection with their resignation from their executive positions in February 2018. The Company considers these claims to be unfounded and is contesting them.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary and Forward-Looking Statements
This press release contains "forward-looking information" that is based on Bonterra's current expectations, estimates, forecasts and projections. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely, information with respect to the legal proceedings and Bonterra's successful contest thereof. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra's actual achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to uncertainties of the outcome of legal proceedings. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Bonterra disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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SOURCE Bonterra Resources Inc.