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by Mike Caswell
Jazz Resources Inc., a decrepit six-cent miner on the TSX Venture Exchange, is facing a lawsuit in the Supreme Court of British Columbia from its former president, West Vancouver geologist Jo Shearer, over a $1.08-million debt. Mr. Shearer claims to have performed sampling, construction and maintenance on the company's Teddy Glacier property, with most of his bill going unpaid. He is seeking a lien over the Teddy Glacier claims and other assets of Jazz.
The allegations are contained in a notice of claim that Mr. Shearer filed on Wednesday, May 9, at the Vancouver courthouse. He filed the suit on behalf of himself and Homegold Resources Ltd., a private entity that he controls. Mr. Shearer does not mention that he was the president of Jazz until he resigned on April 4, 2017.
The debt that Mr. Shearer complains of stems in part from work that Homegold did between 2015 and 2017. Among other things, Homegold performed camp construction and maintenance, mill installation, sampling, trenching, road construction, and permitting, the suit claims. For the work, Homegold presented invoices totalling $346,186 to Jazz. According to the suit, Jazz only paid $24,000, leaving a balance of $322,186 owing.
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Lots of luck, Mr. Shearer.
The company’s latest financials show $1.4 million in assets (with $1.37 million attributed to mineral properties) and liabilities of $1.5 million (with $1.1 million due to related parties).
It’s February news release makes mention of a pilot processing mill, but is silent on how this will be financed.