10:40:07 EDT Fri 02 Jun 2023
Enter Symbol
or Name

Login ID:
JZR Gold Inc
Symbol JZR
Shares Issued 30,592,283
Close 2023-03-27 C$ 0.60
Recent Sedar Documents

JZR Resources ordered to pay $406,558 to Shearer

2023-03-29 20:46 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

A judge in the Supreme Court of British Columbia has ordered Jazz Resources Inc., now known as JZR Gold Inc., to pay $406,558 to its former president, Johan Shearer, to settle a disputed loan agreement. Mr. Shearer claimed that the company owed him the money after he bought the debts of a prior president who had died. For its part, Jazz contended that the loan was not properly assigned to Mr. Shearer.

The payout is contained in a judgment handed down on March 21, 2023. The matter has some history, going back to 2014, when Jazz's president was Bryan Glen. The company was exploring projects near the B.C. towns of Revelstoke and Nakusp. Its bills were paid for in part through loans that Mr. Glen made to Jazz, resulting in Jazz owing Mr. Glen $738,380 when he died.

Mr. Shearer later acquired most of that debt, buying it from Mr. Glen's estate following his death on May 7, 2014. He paid the estate $135,000 and became the president of Jazz. As Mr. Shearer saw things, it was clear that Jazz owed him the money, and he sought a court order directing the company to make a payment accordingly.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.