11:05:46 EDT Mon 21 May 2018
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Engold Mines Ltd
Symbol C : EGM
Shares Issued 186,549,542
Close 2017-05-16 C$ 0.47
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Engold loses appeal in finder's fee dispute

2017-05-17 10:53 ET - Street Wire

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by Mike Caswell

Engold Mines Ltd. has lost a legal battle in which it went all the way to the Court of Appeal for British Columbia to protest a $55,000 finder's fee. Three appeal court judges have unanimously agreed that the company must pay the fee. They have determined that the finder's employment with the company as an investor relations man was no bar to making the payment.

The ruling is a victory for Ronnie Birch, a former Engold employee who helped the company raise $1.8-million. The appeal court has upheld a Jan. 27, 2016, ruling in which a judge determined that Mr. Birch had expended a meaningful amount of time and effort to raise money for the company. He did so in addition to his work as an investor relations man for GWR.

The dispute goes back to 2010, when Engold was known as GWR Resources Inc. At some point that year, Mr. Birch had a conversation with a GWR director of the time, Irvin Eisler, in which Mr. Eisler told him that the company was looking for money to develop its Lac La Hache property. In that conversation, Mr. Eisler told Mr. Birch to "find us some money and we'll look after you." At the time, Mr. Birch did not yet work for Engold.

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