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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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