Flamboyant promoter Murray Pezim struck out in his bid to have the Supreme Court of British Columbia quash a Securities Commission hearing into insider trading allegations against senior management of his flagship company, Prime Resources Group (VSE) (T.N.M. April 9/90). What’s more, Pezim, lawyers John Ivany and Lawrence Page, and Prime Resources Group were all named in an April 9 amended notice of hearing, which adds charges to those outlined in the previous notice of March 30.
In the amended notice, Pezim, Page and Ivany are alleged to have misled the Vancouver Stock Exchange as to the existence of undisclosed material facts and material changes relating to a drill program during July and August of 1989 at the Eskay Creek project, north of Stewart, B.C. This high-grade gold project is owned 50% by Calpine Resources, a Pezim-controlled junior which recently became a wholly owned subsidiary of Prime.
Pezim, Ivany and Page are also charged with having misled the Vancouver Stock Exchange by issuing misleading news releases as to the true nature and substance and particulars of a private placement involving their two associated companies.
The amended notice also alleges that senior management failed to make adequate and timely disclosure that Canarim Investment denied obligation to pay $4.25 million for one million units that were withdrawn by an institutional client in Prime’s public offering last fall.
The hearing, open to the public, will begin April 17 in Vancouver.
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