Close

Welcome back to Stockhouse
Member Sign In

Email or Username:
Password:
Close

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Enter your email address:
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

Lomiko Metals (V.LMR) gets slapped with civil claim suit

Stockhouse Editorial
3 Comments| August 18, 2014


Lomiko Metals (TSX: V.LMR, Stock Forum) found itself in a legal wrangle when the company announced two days ago that it had been served with a Notice of Civil Claim by Alpha Capital Anstalt filed in the Supreme Court of British Columbia on August 6, 2014.

 

According to the news release, the legal action stemmed from a contractual dispute involving a subscription and ratchet agreement signed between the company and Alpha Capital.

 

The suit involved Alpha seeking damages or as an alternative, the issuance of 3.33 million common shares and a reduction in the warrant excise price for a further 5.0 million common shares at $0.06 per share along with other ancillary relief.

 

The company voiced its intentions to defend itself vigorously against the claims, but never stated whether the suit was without merit.

 

Lomiko Metals was in the news recently when the company announced upping its stake in Graphene 3D three days ago.

 

Shares were down 13.33% to $0.065 per share.

 

Currently there are 136.6m outstanding shares with a market cap of $8.9 million.



Rate this article
0 stars
v
Usefulness

Clarity

Credibility

Interested in these industries and sectors?

Receive investor kits and email updates from Stockhouse and directly from these companies.

"Industrial Metals & Minerals"
"Metals & Mining"

I consent to receiving investment related electronic messages from Stockhouse and the companies selected.
I may withdraw my consent at any time.

Comments

upisthenewdown
Alpha Capital has quite a track record litigating: Here are a few of their US cases: http://dockets.justia.com/search?query=Alpha+Capital+Anstalt
2 stars
August 18, 2014
Rate this comment
5 stars
v
Usefulness

Clarity

Credibility

antoniette
I'm using the Gold Trading Academy method and cannot say enough good things about this program. I love trading oil, it's way better than stocks if you ask me. Google Gold Trading Academy to learn more.
0 stars
August 20, 2014
Rate this comment
0 stars
v
Usefulness

Clarity

Credibility

WolfOfHoweSt
Dr. Abdel Moniem Omran (Chairman and Managing Director of Alpha Capital) already has a lot on his plate, considering the companies recent deal to run Wethaq Takaful Egypt's EGP50m mutual fund. Could this project be part of the reason why they are pursuing a civil claim suit against Lomiko Metals?
1.5 stars
August 18, 2014
Rate this comment
3.5 stars
v
Usefulness

Clarity

Credibility

Leave a Message

You must be logged in to access this feature.