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Colorado Resources Ltd
Symbol C : CXO
Shares Issued 123,391,646
Close 2018-06-05 C$ 0.155
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Colorado drops lawsuit against former president Travis

2018-06-06 11:03 ET - Street Wire

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by Mike Caswell

Colorado Resources Ltd. has dropped the lawsuit that it filed in the Supreme Court of British Columbia against its former president, Adam Travis, over misuse of company resources. The company had claimed that he treated Colorado as his "own personal bank" and used company money to advance his own mineral project. The lawsuit came as Mr. Travis and Colorado were sparring over the composition of the company's board.

The end of the suit is contained in a consent order filed at the Vancouver courthouse on May 31, 2018. It states that Colorado has dropped all claims against Mr. Travis and his private company, Cazador Resources Ltd., with each side to pay its own legal costs. Representatives for both sides signed the document.

The court order does not say why Colorado dropped the suit, but the litigation came amidst a since-resolved proxy battle between Mr. Travis and the company. Mr. Travis had sought to appoint a new board, claiming that some of the company's directors were in a conflict of interest in a property deal. (The company was attempting to sell its Kinaskan-Castle property, but according to Mr. Travis the buyer had connections to some of the company's directors. The company replaced Mr. Travis as president around the time that it was negotiating that deal.)

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