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Be the first with the news that moves the market- Kaizen Discovery Inc. (KZD) announced that the Supreme Court of Canada issued a judgment dismissing, with costs, the application of AM Gold Inc. legal
- The court dismissed the legal action AM Gold sought against Kaizen, which has concluded the five-year proceeding
- All that is left is other than Kaizen’s recovery of its trial costs from AM Gold or its principal, John Fiorino
- The trail costs were last reported at $3.2 million, but the ultimate costs award may have varied in the assessment process
- Kaizen Discovery Inc. (KZD) is up 7.69 per cent, trading at $0.14 per share at 3:15 p.m. ET.
Kaizen Discovery (KZD) announced that the Supreme Court of Canada issued a judgment dismissing, with costs, the application of AM Gold Inc.
According to Kaizen Discovery, the Supreme Court of Canada dismissed the legal action AM Gold Inc. sought against the company. This judgment means that the decision of the Court of Appeal rejecting AM Gold’s appeal of the trial judgment is final.
In 2014, Kaizen Discovery shared its intention to acquire AM Gold’s Pinaya mining project in Peru. The parties signed a non-disclosure agreement regarding the potential purchase, closing in 2015.
AM Gold filed an action against Kaizen two years after the deal had closed claimed Kaizen had failed to disclose relevant material information or had made misrepresentations and had breached the non-disclosure agreement and trespassed on the project without permission.
The company stated that there is no further avenue of appeal or review from today’s Supreme Court of Canada judgment. This action concluded the proceeding; all left was Kaizen’s recovery of its trial costs from AM Gold or its principal, John Fiorino.
“As anticipated, the AM Gold leave to appeal was rejected by the Supreme Court of Canada… an end a five-year legal saga, other than Kaizen’s recovery of its costs from AM Gold or its principal, John Fiorino, for every aspect of these proceedings,” Kaizen’s interim President and CEO, Eric Finlayson, said.
The trail costs were last reported at $3.2 million, but the ultimate costs award may have varied in the assessment process.
Kaizen is a publicly traded Canadian mineral exploration and development company with exploration projects in Peru and Canada. More information on Kaizen is available at
Kaizen Discovery Inc. (KZD) is up 7.69 per cent, trading at $0.14 per share at 3:15 p.m. ET.
