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Pivot Pharmaceuticals Inc
Symbol C : PVOT
Shares Issued 88,679,077
Close 2019-09-17 C$ 0.325
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Pivot sued over finder's fee on $15-million financing

2019-09-18 10:44 ET - Street Wire

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by Mike Caswell

Revelstoke businessman Aly Ismail has filed a lawsuit in the Supreme Court of British Columbia against Pivot Pharmaceuticals Inc., claiming that the company failed to pay a $600,000 finder's fee. He says that he brought in a group that invested $15-million in Pivot, but received nothing. He is seeking a court order for the payment.

The allegations are contained in a notice of claim that Mr. Ismail filed at the Vancouver courthouse on Sept. 11, 2019, through his private company, Green Stream Botanicals Corp. The suit describes Mr. Ismail as a finder who identifies opportunities in the cannabis sector. He has also worked as an advisor to Pivot, he says.

Mr. Ismail's arrangement with Pivot, as set out in the lawsuit, goes back to late 2017. He claims that he successfully referred $301,000 (U.S.) and $190,000 (Canadian) in money to Pivot. In return, he received a fee. (The suit does not say how much.)

The problems, as set out in the suit, came after an investor group approached Mr. Ismail in April, 2019. The group had up to $20-million available. Mr. Ismail claims that he set up a meeting between that group and Pivot, and the group eventually decided to invest $15-million in the company. That financing concluded on May 31, 2019.

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