23:40:21 EDT Fri 22 Sep 2017
Enter Symbol
or Name
USA
CA



Lundin Gold Inc
Symbol C : LUG
Shares Issued 118,748,003
Close 2017-04-19 C$ 5.91
Recent Sedar Documents

Lundin Gold denies owing Fruta del Norte finder's fee

2017-04-20 10:15 ET - Street Wire

Also Street Wire (C-LUN) Lundin Mining Corp

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

Lundin Gold Inc. denies that it owes a finder's fee to Vancouver resident Charles Shepherd for the company's acquisition of the Fruta del Norte project in Ecuador. The company says that it had no dealings with Mr. Shepherd with respect to Fruta del Norte or anything else. Accordingly he has no basis to collect any finder's fee.

The company is responding to a lawsuit that Mr. Shepherd filed in the Supreme Court of British Columbia on Oct. 14, 2016. He claimed that he did the initial work that led to Lundin Gold's $240-million deal to acquire Fruta del Norte. (All figures are in U.S. dollars.) He said that he travelled to Ecuador as the company's representative and persuaded government officials that Lundin Gold was the best contender to develop Fruta del Norte. The company later acquired the project, with the blessing of the government.

Mr. Shepherd said that he was subsequently unable to collect any fee for his work. He claimed that Lundin Gold refused to pay, despite the fact that he had travelled to Ecuador at his own expense several times. He said that the company had agreed to pay him a 5-per-cent fee (which would amount to $12-million on a $240-million purchase price).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2017 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.


Another example of a Mining - exploration company knowingly taking advantage of a finder... Any discussion with any company should be in writing. If you have not taken the time to nail down a consulting fee and a re-tainer. Or if the company, doesnt return calls, or emails; those are the red flags to watch for. Been there done that got screwed, learnt lesson, now im making money. Only after 7 years plus... The Bigger the company, the stronger the management teams track record, the higher the risk of getting nothing.

Posted by Fidel Montagu at 2017-04-22 20:11

Another example of a Mining - exploration company knowingly taking advantage of a finder... Any discussion with any company should be in writing. If you have not taken the time to nail down a consulting fee and a re-tainer. Or if the company, doesnt return calls, or emails; those are the red flags to watch for. Been there done that got screwed, learnt lesson, now im making money. Only after 7 years plus... The Bigger the company, the stronger the management teams track record, the higher the risk of getting nothing.

Posted by Fidel Montagu at 2017-04-22 20:11