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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.

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