06:41:09 EDT Thu 28 Oct 2021
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Kaizen Discovery Inc
Symbol KZD
Shares Issued 343,554,821
Close 2021-09-10 C$ 0.05
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Kaizen wins ruling over unfounded fraud accusations

2021-09-10 20:49 ET - Street Wire

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by Mike Caswell

Kaizen Discovery Inc. has won a costs ruling against AM Gold Inc., the vendor of its Pinaya project, with a judge in the Supreme Court of British Columbia finding that AM Gold attempted to mislead the court during a lengthy battle over the Pinaya deal. The judge has ruled that AM Gold accused Kaizen of fraud, and did so without any basis. On top of that, AM Gold's principal fabricated evidence, the judge has found.

The legal dressing down is a footnote to a battle arising from Kaizen's purchase of the Pinaya property in Peru. The company bought the copper-and-gold project in 2015, paying $4.5-million in cash and shares. Pinaya has since become Kaizen's primary focus.

The deal became the subject of a lawsuit after the vendor, AM Gold, claimed that Kaizen was not forthright in negotiating the deal. (Among other things, AM Gold claimed that Kaizen failed to disclose issues with a Nunavut property and that Kaizen had trespassed at Pinaya before making the purchase. For its part, Kaizen denied trespassing and said that the Nunavut property was immaterial.) After a 27-day trial, AM Gold lost the case. The judge ruled in favour of Kaizen on March 22, 2021.

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Ah, Robert Friedland; what a blast from the past. You go, Robert, you go,

John Fiorino Entrepreneur, founded companies in multiple sectors and verticals within IT, E Commerce, Mineral Exploration and the Realestate Sector. Current primary focus is on land development and real estate investments. Founder of Canadian Metals which led to the Turnagain nickel deposit discovery from a grass roots project to one of the current 10 largest in situ undeveloped nickel deposits globally.


Posted by halcrow at 2021-09-10 22:05