To all. just off the press, IAM wins lawsuit.
IAMGOLD AWARDED DECISION IN
ROSENFELD COURT CASE
MARKHAM, Ont., April 28 /CNW/ - IAMGOLD (International African Mining
Gold Corporation) today announced that court appointed Arbitrator, the
Honourable P.T. Galligan, delivered a decision in the matter of Rosenfeld v.IAMGOLD International African Mining Gold Corporation,William D. Pugliese andFundeco Inc. The Arbitrator dismissed all claims by Simon Rosenfeld.
Rosenfeld, a former shareholder of IAMGOLD, filed an actionagainsttheCompany on February 28, 1996, the same day thatIAMGOLD issued its finalprospectus for a TSE listing. Rosenfeld's action consisted of several claims
relating to the sale of his shares completed in August, 1990. A summary ofthese claims was outlined in the Company's prospectus, filed on February 28.
At the commencement of arbitration in January of this year, Rosenfelabandoned all claims against Mr. Pugliese and Fundeco Inc. and all claimsagainst IAMGOLD except for one: The claim for enforceable options in favour ofRosenfeld on 2,437,500 shares at a price of US$1.00 each, which wasdismissed
by the Arbitrator, P.T. Galligan.
General Counsel for IAMGOLD, Larry E. Phillips responded by saying, ``We
always maintained that Rosenfeld's claims were without merit. We are gratified
that the Arbitrator, after reviewing all the facts, delivered judgment in our
favour.''
IAMGOLD is the premier gold exploration and development company in West
Africa. Its principal asset is a 38% stake in the Sadiola Hill gold mine, a
world class deposit containing eight million ounces of gold to date. Through
separate joint-ventures with Anglo American and Ashanti Goldfields of Ghana,
IAMGOLD is actively exploring more than 11,000 square kilometres of highly
prospective ground in four West African countries. In Ecuador, IAMGOLD is
exploring 12 concessions covering more than 24,500 hectares. The company
recently opened offices in Brazil and Argentina.
TSE Trading Symbol: IMG
52 Week Trading Range: Cdn.$4.75 - $8.00
Total Shares Outstanding: 64,558,818
Fully Diluted: 69,538,798 |
