Diamond Fields Resources (DFR-T) has launched legal proceedings relating to the lawsuit filed against it by a group of shareholders of Texas-based Exdiam.
In a news release, DFR stated it is “not in a position to determine” when it will be acquired by Inco (N-T). The takeover was to have closed May 29.
After Aug. 31, either party can back out of the deal.
Richard Gill, DFR’s executive vice-president of public affairs, said no further details regarding the legal proceedings could be released.
“[The plaintiffs] are happy to negotiate through the media,” he said. “We can’t negotiate or litigate through the media. That’s not in our best interests.”
The Exdiam shareholders’ lawsuit seeks damages from Diamonds Fields, alleging that DFR co-chairman Jean-Raymond Boulle (a former partner of Exdiam) breached his fiduciary responsibility to Exdiam by selling certain interests to outside partners (DFR).
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