Vancouver, January 21, 2022 - Eric Finlayson, Interim President and Chief Executive Officer of Kaizen Discovery Inc. (TSXV: KZD) otherwise "Kaizen" or "the Company") is pleased to announce that the appeal lodged by AM Gold following the March 22, 2021 dismissal of its legal action against Kaizen by the Supreme Court of British Columbia has itself been dismissed by the British Columbia Court of Appeal, which concluded that no errors were made in the trial judge's reasoning and that "there is no basis upon which this Court should interfere." The judgment is available on the Court of Appeal's website.
The trial judge made a supplementary judgment dated September 9, 2021, awarding "special costs" payable jointly by AM Gold and its principal, John Fiorino (refer to Kaizen's press release dated September 13, 2021). The award entitles Kaizen to pursue an indemnity for the costs it has incurred through a formal assessment process. Kaizen has incurred costs in excess of $3.2 million but the ultimate costs award may be varied in the assessment process.
Kaizen's Interim President and Chief Executive Officer, Eric Finlayson, commented, "As anticipated, the AM Gold appeal was found to be without merit. AM Gold and its principal John Fiorino have also appealed the September 9, 2021 Supreme Court order that AM Gold and Mr. Fiorino personally pay Kaizen's costs on an indemnity, special costs basis. We look forward to the hearing of that appeal and eventual recovery of the costs that we have been forced to incur in defending this litigation."
Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru and Canada. More information on Kaizen is available at www.kaizendiscovery.com.
ON BEHALF OF THE COMPANY
Eric Finlayson, Interim President and Chief Executive Officer
Ran Li +1-604-689-8765
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to recovering costs from AM Gold. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111189