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by Mike Caswell

Ecuador Gold and Copper Corp. is being sued in the Supreme Court of British Columbia by a U.K. lender for failing to pay a promissory note that amounts to $387,141 with interest. The lender, GBM Minerals Engineering Consultants Ltd., claims that the note matured on Nov. 28, 2015. It has since demanded payment, but received nothing, the suit states.

The allegations are contained in a notice of claim that GBM filed at the Vancouver courthouse on Feb. 1, 2016. According to the suit, GBM entered into an agreement with Ecuador Gold on May 29, 2015, in which it lent the company 177,470 British pounds. The terms, as set out in a promissory note, were that the money was repayable on Nov. 28, 2015, and Ecuador Gold would pay interest equal to 12 per cent annually.

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