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by Mike Caswell

St. Elias Mines Ltd. is facing a lawsuit in the Supreme Court of British Columbia from Nicholas Fuller, a businessman from London, England, who claims that the company refused to honour a stock option. The brief suit, filed at the Vancouver courthouse on Wednesday, Nov. 9, claims that St. Elias granted Mr. Fuller an option to buy 300,000 shares at 75 cents on March 30, 2010. At the time Mr. Fuller was working as a consultant to the company.

Mr. Fuller says he notified the company on April 28, 2011, that he planned to exercise his option, and would buy 300,000 shares. At the time the stock was at $2.10. The company, however, refused to honour the option. According to the suit, St. Elias advised Mr. Fuller that it had repudiated his option when his consulting agreement ended. The company also told him it had repudiated another option it had granted him on Nov. 11, 2010, which was exercisable at $1.80.

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