Vancouver — IMA Exploration (IMR-V) has cancelled its previously announced bought deal financing and has taken legal action against Aquiline Resources (AQI-V).
IMA’s $4 million bought deal financing which was priced at $2.25 per unit was scheduled to close on October 2. On the same date the company received a letter from Aquiline requesting details regarding the events and methods that led to the discovery and staking of the high-grade Navidad grassroots silver find in the Patagonia region of southern Argentina.
In order to discuss the details of the letter with its financial advisors, IMA had to issue a news release. Subsequently, IMA’s share price dropped which ultimately led to the cancellation of the financing.
According to IMA, “the letter makes no specific factual allegations or claims and asserts no specific cause of action against the company, and appears to be part of a general investigation by Aquiline to determine whether the bidders for the Calcatreu project, including the company [IMA], complied with the bid process for the Calcatreu project.”
On October 15th, IMA initiated legal action in the Supreme Court of British Columbia against Aquiline claiming damages, an injunction and costs for injurious falsehood, interference with contractual relations, interference with economic interests, defamation, and negligence arising out of the defendant’s issuance and publication of a letter sent to IMA.
IMA reports that it is proceeding with its planned exploration program on the Navidad property as well as its other properties. The pre-drilling logistics at Navidad are progressing on schedule. The junior is well financed with about $4 million in its treasury.
Aquiline, a Toronto-based junior led by Marc Henderson, owns the rights to the Calcatreu gold-silver project, which straddles the Argentine provincial boundary between Rio Negro and Chubut, 40 km northwest of the Navidad discovery.
Be the first to comment on "IMA launches lawsuit"