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First Star Resources Inc (3)
Symbol C : FS
Shares Issued 3,709,254
Close 2012-11-28 C$ 0.11
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First Star sued by shareholder Magna Management

2012-11-30 13:52 ET - Street Wire

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by Mike Caswell

First Star Resources Inc. is facing a lawsuit in the Supreme Court of British Columbia from Magna Management Ltd., a shareholder that claims First Star owes it $50,000. Magna says that it provided First Star the money for a future private placement, but never received any shares. Magna has since asked for the money back, but First Star has refused, the suit states.

The allegations are contained in a notice of claim that Magna filed at the Vancouver courthouse on Thursday, Nov. 29. According to the suit, Magna provided the money to First Star in June, 2011, "as a loan to be perhaps applied in a future private placement." Magna had previously bought 665,000 shares of the company through private placements.

Magna claims that it never received any shares for the $50,000, and that First Star's chief executive officer at the time, John Campbell, promised that the money would be returned. The company, however, has more recently refused, the suit states. First Star has instead referred to a share certificate issued in Magna's name, but Magna claims that the certificate was for shares it previously purchased, and was not connected to the $50,000.

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