Western Troy: Appeal Court Partially Lifts the Stay on the Payment of the $1.25 Million Judgment Against Genivar
Orders Payment in the Amount of $1.17 Million Immediately, Western Troy Continues Appeal of Trial Court Damages Award
TORONTO, ONTARIO--(Marketwired - Mar 3, 2017) - Western Troy Capital Resources (TSX VENTURE:WRY) ("Western Troy" or the "Company") announces that in the Western Troy v. Genivar litigation, the Ontario Appeals Court has made an order lifting the stay on the payment of the judgment against Genivar to allow Western Troy to immediately enforce payment of (a) damages in the amount of $750,000; (b) pre-judgment interest on the damages award, being $85,969.18; and (c) the costs order in the amount of $329,011.48. The total amount of the judgment, interest and costs Western Troy is entitled to enforce is $1,164,980.66 pending the determination of Western Troy's appeal. The Court of Appeal also awarded costs of Western Troy's motion in the amount of $2,000.00.
In an order issued by the Ontario Court on November 1, 2016, Genivar was found negligent in a number of instances surrounding its work on Western Troy's MacLeod Lake Copper/Molybdenum Project. Western Troy was awarded $1.25 million in restitution. Western Troy was also awarded costs and interest. The full text of the ruling is available on Western Troy's Website (www.westerntroy.com). Payment of the $1.25 million plus costs and interest was stayed pending resolution of the appeal process.
The Appeal Court order of this date lifts the stay and enables Western Troy to enforce payment by Genivar of damages of $750,000 with the remaining $500,000 to be held under the original stay pending resolution of the appeal process. In addition, the Appeal Court lifted the stay to enable Western Troy to enforce payment by Genivar of interest in the amount of $85,969.18, and costs of $329,011.48.
Western Troy believes the trial court erred in its determination of the amount of the $1.25 million award, and that the appeal process may result in a substantial increase in the award. A copy of the Notice of Appeal is available on Western Troy's Website.
It is expected that the continuing appeals process will require 4 to 10 months.
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.
Contact
Western Troy Capital Resources
Rex E. Loesby
CEO
303-771-9610
RexLoesby@aol.com
www.westerntroy.com
