The former chairman and chief executive officer of Seabright Resources says a lawsuit launched against himself and other former directors of the company is without foundation.
“The allegations contained in the statement of claim are not supported by the facts,” Terence Coughlan says in a written statement.
The Australian company Western Mining has brought legal action against the former directors in the Supreme Court of Ontario over the economic potential of gold mining property in Nova Scotia developed by Seabright. The suit, in which Western Mining is seeking $60 million, was launched through two Canadian subsidiaries, Westminer (Canada) Holdings and Westminer Canada.
Western Mining spent $92 million purchasing all of the oustanding shares of Seabright earlier this year. Seabright, at the time of the purchase, was operating two gold mines in Nova Scotia, the Beaver Dam and Forest Hill.
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