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American Pacific Mining Corp (2)
Symbol USGD
Shares Issued 219,088,052
Close 2024-06-05 C$ 0.19
Market Cap C$ 41,626,730
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American Pacific sued by Newquest over Ziggurat deal

2024-06-05 18:48 ET - Street Wire

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by Mike Caswell

American Pacific Mining Corp. is being sued in the Supreme Court of British Columbia over its deal for the Ziggurat gold project in Nevada. According to the suit, American Pacific failed to issue $1.48-million worth of shares that the deal called for. The suit seeks the court-ordered issuance of the stock, or damages for breach of contract.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Tuesday, June 4, by Newquest Capital Inc., a private entity with an address in Vancouver. The case centres around the terms of American Pacific's April 27, 2023, agreement for Ziggurat. At the time, American Pacific touted the agreement as bringing in projects in "world-class mining districts" that offered "compelling organic growth from a highly prospective pipeline" of projects. The agreement specified that American Pacific was to pay $200,000 and issue 11.5 million shares.

The problem, as set out in the suit, is that American Pacific still owes some of those shares. According to Newquest, the deal called for American Pacific to issue 4.5 million shares in the second year, with that stock being issuable on Jan. 31, 2024. That date has passed, but American Pacific has "refused, neglected or failed" to issue the shares, the suit claims.

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