TORONTO, ONTARIO--(Marketwired - Nov. 2, 2016) - Western Troy Capital Resources (TSX VENTURE:WRY) ("Western Troy" or the "Company") announces that it has been awarded a $1.25 million judgement in the Western Troy v. Genivar litigation.
It has been over four years since Western Troy filed breach of contract and negligence claims against Genivar and one of its employees as a result of Genivar's work on a feasibility study for Western Troy's MacLeod Lake Copper Molybdenum Project in Quebec. In an order issued by the Ontario Court, Genivar was found negligent in a number of instances surrounding the work on the MacLeod Lake Project. Western Troy was awarded $1.25 million in restitution. Western Troy was also awarded costs and interest, the amount of which will be determined soon. The full text of the ruling will be available soon on Western Troy's Website (www.westerntroy.com). Genivar has 30 days within which to make payment of the full amount of the award, or appeal the verdict. The award amounts to 3.7 cents per outstanding share of Western Troy common stock.
Rex Loesby, Western Troy's CEO, commented, "While we are happy this ordeal is finally concluded, we are disappointed with the court's ruling in that we believe the damages to be far in excess of the award. Throughout the process we have been confident of eventual success in the litigation, but it has been a very long and frustrating effort to get to this point. I want to thank those who have helped us through the process. Sara Erskine, Garett Schromm, and Kristjan Surko, of Rueters LLP in Toronto, have all done an incredible job of preparing for and prosecuting this case and I have no reservations about recommending them to others. Service providers Marrelli Support Services (accounting & financial statement preparation), DSA Corporate Services (secretarial services), Brian Carr (Tax Law Attorney in Toronto), Hugues Lachance (KPMG Tax in Montreal), McGovern, Hurley, Cunningham, LLP in Toronto (Audit), and Laurie Meloche (Corporate Development in Toronto), have all contributed their time and effort for the benefit of Western Troy while reducing and/or deferring their fees. Western Troy could not have reached this point without their help and support. Western Troy has used the time waiting for the verdict to investigate acquisitions or business combinations that will benefit our shareholders. Given the current environment for mineral exploration companies, we believe there are a number of attractive opportunities open to us. Over the next few months we will investigate these opportunities in more detail and bring the best to our board for approval."
About Western Troy: Western Troy's shares trade on the TSX Venture Exchange under the symbol WRY. Western Troy has 33,589,970 shares outstanding. More information on Western Troy can be found on its Website at www.westerntroy.com.
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements." Other than statements of historical fact, all statements included in this release, including, without limitation, future plans and objectives of the Company, implementation of the Consolidation, and possible outcomes in respect of the GENIVAR litigation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are the risks detailed herein and from time to time in the filings made by the Company with securities regulators.