TSE-listed San Andreas Resources and some of its shareholders have filed a lawsuit against Consolidated Ramrod Gold (TSE).
The litigation concerns an agreement in March whereby Ramrod was to acquire all the issued and outstanding shares of San Andreas in exchange for Ramrod securities.
San Andreas is seeking substantial damages in the action, which alleges that Ramrod breached its contract by unilaterally withdrawing from the transaction. Ramrod reviewed the San Andreas claims with its counsel and says it was advised the claims were “totally without merit.”
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