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by Mike Caswell
Victoria Gold Corp. and its president, John McConnell, are facing a lawsuit in the Supreme Court of British Columbia over changes to production guidance at the Eagle gold mine in the Yukon. The suit claims that the company failed to disclose design problems at the mine that led to the company failing to meet its guidance. When Victoria Gold finally did disclose the issues, the stock fell to $12.26 from $15.81.
The allegations are contained in a notice of claim filed at the Vancouver courthouse on Tuesday, May 11, by Caliban Investment LP #3, an Ontario entity that purchased Victoria Gold shares through a secondary offering. In addition to Victoria Gold and Mr. McConnell, the suit names as defendants the underwriters in that secondary offering, which were BMO Nesbitt Burns Inc., CIBC World Markets Inc. and PI Financial Corp. The suit also includes three Victoria Gold directors as defendants (T. Sean Harvey, Michael McInnis and Sean Roosen) as well as the company's chief financial officer (Marty Rendall).
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