Appeal Court Decision to Result in a Payment to Western Troy of $500,000
TORONTO, ONTARIO--(Marketwired - Dec 11, 2017) - Western Troy Capital Resources (TSX VENTURE:WRY) ("Western Troy" or the "Company") announces that in the Western Troy v. Genivar litigation, the Ontario Appeal Court has ruled that the trial court award of $1.25 million is justified based on trial testimony.
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. Western Troy appealed the award on the basis that the trial court erred in its determination of damages. In March of 2017, the Appeal Court ordered Genivar to pay Western Troy $750,000 of the $1.25 million trial court award and stayed payment of $500,000 of the trial court award pending the appeal. In its ruling released today, the Appeal Court affirmed the trial court award of $1.25 million. As a result, the stay of the $500,000 payment is lifted. The funds are to be paid by Genivar to Western Troy within 30 days of the ruling.
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.westerntroycapital.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@gmail.com
www.westerntroycapital.com
