OSC claims Emerita crew fraudulently diverted Falcon
2026-04-10 15:59 ET - Street Wire
See Street Wire (C-*OSC) Ontario Securities Commission
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by Mike Caswell
The Ontario Securities Commission has filed a case against TSX Venture Exchange listing Emerita Resources Corp. and several of its directors and officers, claiming that they fraudulently diverted corporate assets, namely the company's Falcon lithium project in Brazil. According to the OSC, the group moved Falcon to a new company and became shareholders of that company. The underlying ground later became the Bandeira project, now owned by TSX-V listing Lithium Ionic Corp.
The allegations are contained in an application for enforcement proceedings that the OSC released on Thursday, April 9. In addition to Emerita itself, the application names as respondents the company's chief executive officer, David Patrick Gower, as well as its chairman, Michael Lawrence Guy. Also named are officers Sergio Damian Lopez, Gregory Francis Duras and Joaquin Merino-Marquez. Lastly, the application lists Helio Botelho Diniz, the directing mind of a Brazilian entity that held Falcon.
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Here is my Diary Queen combo opinion on this situation. Many times someone can own a deposit or set of deposits and sadly cannot do anything with the asset. No one steps up to the plate to finance, or buy or jv.
This situation looks a bit different, but is the same. The entity owned the project. The details of letting ownership lapse, or it lapsed is not part of the argument, the fact is no one stepped up to finance the entity.
The same people invovled? Well maybe a firm was willing to finance but wanted a new vehicle to own the asset?
Historic deposits are lost by major mining firms for reasons and then several years later an executive or geologist that worked the old deposit appears and takes on the deposit.
This should be handled delicately, far more egregious is everyone knew shithole kings Glencore and predecessors that were non Canadian miners were paying off, oops bribing, for assets worlwide outside the Americas due to Canada-USA-Mexico anti bribery legislation, and these OSC etc. let those shithole kings bring the ill gotten gains into Canada to take over the world's largest mining companies.
Whats worse? Guys playing by the rules not but can't get b s named finance companies to finance the project in the existing entity but had to setup a fresh new entity to get financed, or shithole kings not spending $1 on exploration but taking over mines with ill gotten gains while killing exploration worldwide? Now getting government funds from around the world to stay alive while the stock trades billion dollars a day- the pirates too busy selling their own shares instead of doing at the market financings?
Posted by oh at 2026-04-14 00:31