01:20:48 EDT Tue 16 Apr 2024
Enter Symbol
or Name
USA
CA



Tower Resources Ltd
Symbol TWR
Shares Issued 65,613,308
Close 2017-03-06 C$ 0.175
Market Cap C$ 11,482,329
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Tower Resources sued over Belle property

2017-03-06 10:24 ET - Street Wire

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by Mike Caswell

The dispute over Tower Resources Ltd.'s Belle claims has landed in the Supreme Court of British Columbia, with a pair of property vendors filing a lawsuit seeking title to the ground. According to the suit, the Belle claims should have been part of a property agreement that Tower entered in 2011. Instead of following the agreement, the company failed to disclose the existence of the claims, the suit states.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Feb. 22, 2017. The plaintiffs are geologist T. Cameron Scott and a private entity, V.F. Erickson Consultants Ltd. The dispute, as described in the lawsuit, goes back to Sept. 7, 2011. On that date, Tower entered an option agreement with Mr. Scott and V.F. Erickson to option a claim block called the JD property.

One of the terms of the deal specified that if Tower were to acquire any ground within five kilometres of the JD property, that ground would be subject to the option agreement as well. In April, 2012, Tower made just such an acquisition, according to the suit. It acquired the Belle claims, which were adjacent to JD. Contrary to the agreement, Tower gave no notice of the acquisition, the suit states.

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