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MGX Minerals Inc
Symbol XMG
Shares Issued 140,385,960
Close 2019-09-17 C$ 0.20
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MGX Minerals sued over Lazerson's security guards

2019-09-18 10:42 ET - Street Wire

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by Mike Caswell

MGX Minerals Inc. and its chief executive officer, Jared Lazerson, are facing a lawsuit in the Supreme Court of British Columbia over a contract for "personal protection services" for Mr. Lazerson. According to the suit, the company entered into a contract for a guard and a driver for Mr. Lazerson, but did not pay the amounts specified. The suit seeks the court-ordered payment of $176,398.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Sept. 12, 2019, by Lions Gate Risk Management Group Ltd., a provider of security services. According to the suit, MGX Minerals hired Lions Gate on Sept. 16, 2018, to provide protection for Mr. Lazerson. The contract was to run until Dec. 31, 2019. Lions Gate says that it agreed to provide a "protection specialist" at a rate of $110 per hour and a security driver at a rate of $70 per hour.

It appears, from the brief lawsuit at least, that all went as planned until April 1, 2019. On that date, MGX cancelled the contract without any notification. Lions Gate claims that the cancellation resulted in $176,398 becoming payable. It says that MGX and Mr. Lazerson have acknowledged the debt, but have not paid anything.

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