Subscribe
Be the first with the news that moves the market- Ucore Rare Metals (UCU) has received a mixed result in its ongoing legal feud with IBC Advanced Technologies
- The companies’ have been locked in various court proceeding over the last two years, regarding a disputed option agreement for Ucore to acquire IBC
- In December last year the court issued an order to preserve the agreement between the two companies, which Ucore subsequently claimed IBC breached
- Alongside the claim, Ucore Rare Metals proposed to add more IBC shareholders to the initial complaint, which the court ultimately approved
- However, in today’s ruling the court did not find uphold the company’s claim of civil contempt on the part of IBC
- Ucore Rare Metals (UCU) remains unchanged and is trading at C$0.11 per share
Ucore Rare Metals (UCU) has received a mixed ruling in its ongoing legal feud with IBC Advanced Technologies.
The companies’ have been locked in various court proceeding over the last two years, regarding a disputed option agreement for Ucore to acquire IBC. IBC refuted the option agreement, which ultimately led the two companies into legal strife in 2018.
In December last year the court issued an order to preserve the agreement between the two companies, which was intended to stop IBC terminating the original agreement or working with third parties to stop it being exercised.
In late July, the court found IBC in contempt of the order. Meanwhile, Ucore filed a proposed amendment adding more IBC shareholders to the complaint.
In this most recent court hearing, Ucore claimed IBC had invalidated the court order by filing a motion for partial summary judgment with the federal court to terminate the original option agreement.
While Ucore was approved to add the latest group of shareholders to the complaint, ultimately, the court did not find uphold the company’s claim of civil contempt on the part of IBC.
“Considering all of the circumstances I am not persuaded beyond a reasonable doubt that the wording of the Interlocutory Injunction clearly and unequivocally enjoined IBC and Izatt from filing the summary judgement motion in Utah,” the Nova Scotia Supreme Court explained in today’s release.
Ucore’s Chairman and Interim-CEO Pat Ryan commented on the difficulty of running these proceeding following the onset of COVID-19.
“Ucore’s pursuit of a resolution to the dispute with IBC in the U.S. and Canadian court systems continues to progress, despite the impact of the COVID-19 pandemic on our filing and court schedules.
“Both court systems have amended their procedures to provide flexibility during these trying times and in this particular instance, Ucore is very appreciative of the Supreme Court of Nova Scotia for allowing our concerns to be heard and ruled upon,” he said.
Ucore Rare Metals (UCU) remains unchanged and is trading at C$0.11 per share.
