Mr. Richard Kantor reports
CHAMPION BEAR FILES STATEMENT OF DEFENCE AND COUNTERCLAIM IN RESPONSE TO A STATEMENT OF CLAIM RECEIVED
Champion Bear Resources Ltd. has filed a statement of defence and counterclaim in response to receiving a statement of claim filed against Champion Bear by former chief financial officer, Audrey Och, and former director, Brad Butler, with the Alberta Court of Queen's Bench. This matter, which the company believes is without merit, relates to funds that were allegedly advanced by Mr. Butler to Champion Bear and accounting services that were allegedly provided by Ms. Och. Champion Bear has filed a statement of defence and counterclaim with the court denying that it has any contractual or other obligation to pay any amounts to such individuals, and is seeking a judgement from the Court for expenses relating to extraordinary accounting fees currently estimated at $100,000 and approximately $250,000 against Mr. Butler, Ms. Och and another former director, Todd Dillabough, for the co-ordinated breach of their fiduciary duties and their oppressive actions toward Champion Bear, and the incurring of expenses without authority and approval.
Further information can be obtained by reviewing the public court documents that pertain to the action No. 1901-10599, as filed with the court, Calgary Judicial Centre.
About Champion Bear Resources Ltd.
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The company's primary targets are platinum group metals, precious metals and polymetallic base-metal deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The company has assembled a large land position in the Dryden and Sudbury areas, totalling over 16,000 hectares.
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