by Mike Caswell
NWT Uranium Corp. has filed a petition in the Supreme Court of British Columbia in which it claims that Union Securities Ltd. owes it $500,000, and that the debt is secured by all of Union's assets. NWT says that the money was a deposit on a proposed $10.8-million investment in the firm that was never completed. After the investment agreement fell apart, Union failed to repay the money, the petition states.
The allegations are contained in a petition that NWT filed at the Vancouver courthouse on Monday, Dec. 10. In addition to Union, the document names as a respondent PI Financial Corp., which acquired Union in August, 2012.
According to the brief petition, Union found itself in financial difficulty some time prior to March, 2012, and it sought money from NWT. The company agreed to invest up to $10.8-million in Union, and to provide a $500,000 refundable deposit. NWT says it later registered a financing statement which stated that the investment was secured by all the assets of Union.