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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 450,077,550
Close 2022-11-29 C$ 0.86
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Calibre Mining settles lawsuit from former CEO Ball

2022-11-29 20:18 ET - Street Wire

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by Mike Caswell

Calibre Mining Corp. has reached an out-of-court deal to settle a lawsuit it faced in the Supreme Court of British Columbia from Russell Ball, its former chief executive officer. Mr. Ball had complained that Calibre fired him from his $300,000-per-year job for no good reason. The company dismissed him as part of an effort to avoid paying his share-based compensation, which would have been worth about $600,000, he claimed.

The end of the case is contained in a consent order filed at the Vancouver courthouse on Nov. 16, 2022. The order states that the case is dismissed, with each side to pay its own legal costs. It contains no other details, and such details are usually confidential.

While nobody had much to say in settling the case, Mr. Ball did complain at some length when he filed the lawsuit, filing a notice of claim on Feb. 28, 2022. He said that the company dismissed him on Feb. 25, 2021, just six hours before he was to receive $600,000 worth of share-based compensation. The company's compensation committee had recommended that he receive 155,172 restricted share units and an option to buy 376,712 shares.

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