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Stetson Oil & Gas provides litigation update


Published Apr 4, 2013
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Stetson Oil & Gas Ltd.-2

Stetson Oil & Gas Ltd. reports that, as Stetson expected, Thomas Weisel Partners Canada Inc. has filed a notice with the Court of Appeal for Ontario to appeal the decision of the Ontario Superior Court of Justice (Commercial List), which found that Thomas Weisel Partners breached their bought deal engagement letter with Stetson dated July 13, 2008.

The Ontario Superior Court of Justice (Commercial List) ordered Weisel to pay damages of $16,042,669 plus interest and costs incurred by Stetson in connection with the litigation to compensate Stetson for the damages caused by the 2008 failed bought deal financing. Stetson intends to aggressively defend the appeal by Weisel and pursue its case. Further updates relating to the appeal will be provided by Stetson in due course.

Tags: Stetson Oil & Gas Ltd.




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