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by Mike Caswell

Mercator Minerals Ltd. has filed a lawsuit in the Supreme Court of British Columbia against its largest shareholder, Nevada Copper Corp., complaining that Nevada Copper improperly acquired 46 million Mercator shares. According to the suit, Nevada Copper bought the stock in violation of a confidentiality agreement. The suit seeks an injunction that would restrain Nevada Copper from voting, transferring or selling the stock.

MERCATOR MINERALS

Mercator Minerals CEO Bruce McLeod

The allegations are contained in a notice of claim that Mercator filed at the Vancouver courthouse on Tuesday, Nov. 13. According to the suit, the companies entered into a confidentiality agreement on May 18, 2012, to evaluate "a possible transaction involving Mercator and Nevada Copper or their respective assets." Terms of the confidentiality agreement specified that neither company would buy more than 10 per cent of the shares of the other for two years. (Although the suit does not say if the talks went anywhere, neither company issued a news release announcing any sort of transaction.)

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