01:43:19 EDT Mon 25 May 2020
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Montego Resources Inc (2)
Symbol MY
Shares Issued 44,751,570
Close 2019-04-22 C$ 0.05
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Montego Resources sued over $1-million debt

2019-05-13 10:27 ET - Street Wire

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by Mike Caswell

Montego Resources Ltd., already in the midst of a legal battle with director Anthony Jackson, has landed in another lawsuit in the Supreme Court of British Columbia. A group linked to Mr. Jackson, claiming to be owed a combined $1-million, is seeking to place the company into receivership. The suit claims that Montego is overdue in paying the money, which is secured by all of the company's property.

The allegations are contained in a brief notice of claim filed at the Vancouver courthouse on May 8, 2019, by four lenders, identifying themselves as 1084768 B.C. Ltd., Caprock Ventures Corp., Northwest Marketing and Management Inc., and Yoon Kyung Kim. According to the suit, the group provided loans to Montego on Nov. 14, 2017, with each entity lending $240,000 or $260,000. Interest was to be at 8 per cent and the loans were to mature on Nov. 14, 2018. The lenders further claim that Montego pledged all of its assets to them should it fail to pay.

The lenders say that they demanded payment on April 27, 2019, but received nothing. As a result, they are seeking a judgment against Montego for the principal plus interest, which would total $1.15-million. They are also asking that the judge appoint a receiver, D. Manning & Associates Inc., for Montego.

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