ImBackBaby: I have high lighted that Mercator specified what the confidentiality was & emphasized that the Suit does not say if the "TALKS went anywhere" & neither company issued a news release announcing any sort of transaction
The allegations are contained in a notice of claim that Mercator filed at the Vancouver courthouse on Tuesday, Nov. 13. According to the suit, the companies entered into a confidentiality agreement on May 18, 2012, to evaluate "a possible transaction involving Mercator and Nevada Copper or their respective assets." Terms of the confidentiality agreement specified that neither company would buy more than 10 per cent of the shares of the other for two years. (Although the suit does not say if the talks went anywhere, neither company issued a news release announcing any sort of transaction.)
Mercator complains that Nevada Copper violated the terms of the agreement on Oct. 9, 2012, when it acquired 46 million Mercator shares, representing 17.8 per cent of the company's then-issued stock. Nevada Copper acquired the stock in an off-market deal with Pala Investments Ltd. As a result, Mercator suffered some sort of "loss and damage" the suit claims.
The company is asking that the courts restrain Nevada Copper from voting or selling the shares until the expiry of the confidentiality agreement on May 18, 2014. It is also seeking an injunction that would prevent Nevada Copper from acquiring any more of the company's shares.
Vancouver lawyer J. Kenneth McEwan of Hunter Litigation Chambers filed the suit on the company's