Home Page
03:24:25 EDT Thu 31 Jul 2014
Enter Symbol
or Name
USA
CA



NWT Uranium Corp
Symbol C : NWT
Shares Issued 132,141,342
Close 2013-01-14 C$ 0.05
Recent Sedar Documents

NWT Uranium drops court case over Union loan

2013-01-17 18:45 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

NWT Uranium Corp. has dropped the case it launched in the Supreme Court of British Columbia against Union Securities Ltd. over a $500,000 loan. The company claimed that it had lent the money to Union as an advance on a $10.8-million financing, and said that Union had pledged all of its assets as security. NWT's reasons for dropping the lawsuit are not clear. The company filed a notice of discontinuance on Monday, Jan. 15, and stated in a requisition that the case was adjourned by consent, which usually occurs when a matter is settled out of court.

NWT launched the case on Dec. 10, 2012, when it filed a petition at the Vancouver courthouse. It said that it had advanced $500,000 to Union in March, 2012, when the firm was in financial difficulty. The company had agreed to invest $10.8-million, and the $500,000 represented a refundable deposit.

Ultimately the $10.8-million financing did not complete, and NWT demanded the return of the $500,000. According to the petition, the advance was secured by all of Union's assets, but shortly after NWT demanded the money back Union announced a deal to sell all of its accounts to PI Financial Corp.

The remainder is available to Stockwatch subscribers. Click the yellow link above for a free trial subscription.

© 2014 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Comments for this item are closed