In M&A transactions, dissenting shareholders sometimes disagree with the fair market value (FMV) offered for their shares. Absent settlement, a court must determine the FMV of the company’s shares for dissenting shareholders. In the mining context, this task may be complicated by the prospect of valuing exploration lands unsupported by a “NI 43-101” (Standards of Disclosure for Mineral Projects) report or data demonstrating economic mineralization.
In Re Nord Gold SE, the Ontario Superior Court decided a valuation case in the junior mining context. Shareholders of Northquest Ltd. representing 0.86% of its common shares dissented from a … Continue Reading
One of the most difficult things to plan for effectively in any joint venture is conflict resolution and decision deadlock between the joint venture partners. Joint venture agreements in the mining industry can be voluminous documents. Pages are devoted to calculating partner dilution, setting out partner rights, outlining how and by whom JV operations will be managed. At the same time, little thought is often given to how the partners will deal with a deadlock over an operational decision.
In a way it is not surprising that mechanics dealing with decision deadlock can be an afterthought – most CEOs want … Continue Reading
On November 22, 2015, Alberta released its long-awaited Climate Leadership Plan (Climate Plan). Contemporaneously with the Climate Plan, the Government released the Climate Change Advisory Panel’s (Climate Panel) Report to the Minister, Climate Leadership. As background, previous blogs on the Climate Panel’s mandate and the Climate Leadership Discussion Document can be found here and here.… Continue Reading