Valuation reports prepared by International Larder Minerals were not prepared in accordance with appropriate valuation techniques, the Ontario Securities Commission (OSC) alleges.
The valuation reports are for the company’s Harvey Hill talc property and certain U.S. oil and gas assets. The reports are required in order to determine a fair amalgamation ratio for International Larder and Flying Cross Resources. Shareholders of both companies approved the amalgamation on April 11.
The OSC alleges that the merger information presented to shareholders of both companies was misleading. As a result, Larder is preparing an updated valuation report on the talc property.
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