12:29:48 EDT Wed 21 Aug 2019
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Surge Exploration Inc
Symbol C : SUR
Shares Issued 74,864,260
Close 2019-01-09 C$ 0.06
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Surge's ex-CFO denies conflict of interest accusations

2019-01-09 10:36 ET - Street Wire

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by Mike Caswell

Surge Exploration Inc.'s former chief financial officer, Kurt Bordian, denies the company's accusations that he acted in a conflict of interest in a 2017 property deal by failing to disclose his connections to the vendor. He claims that those connections were anything but hidden. He disclosed them fully to the board, with both the company and the TSX Venture Exchange referring to the deal as one that would not have been at arm's-length.

Mr. Bordian is responding to a lawsuit that Surge filed against him in the Supreme Court of British Columbia on Oct. 23, 2018. The suit stemmed from a deal that the company was negotiating with an entity called Minera Bonanza Peru SA. The transaction would have seen Surge acquire a property in Peru called Colqui. The company was to issue 19.3 million shares and spend $2-million (U.S.) on the project.

The problem, according to Surge, was that Mr. Bordian and an associate, Gavin Roy, were connected to Minera Bonanza. The men were business partners in a private company that had sold all of its assets to Minera Bonanza. Surge claimed that Mr. Bordian was not acting in good faith, as he failed to disclose a material interest in the transaction.

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