Guess I missed this release:
Tako Resources Ltd -
Suit filed for failed $1.4 million financings
Tako Resources Ltd TOR
Shares issued 7571553 1997-12-24 close $0.05
Monday Dec 29 1997
Also International Norsemont Ventures Ltd (ILN)
by Brent Mudry
Tako Resources and International Norsemont Ventures have filed suit after watching $1.43 million in hoped-for private placements fail to materialize. In an endorsed writ of summons filed Monday in BC Supreme Court, the pair claim that Rican Ltd, which operates out of a post box in Kowloon, Hong Kong, and Hong Kong businesspeople Phoebe Ho and Fung Keung failed to deliver on a June 4 agreement. The suit claims the Hong Kong trio agreed to raise $680,000 for Tako and $750,000 for International Norsemont. Under the agreement, Tako and Norsemont paid $30,000 in total, or $5000 a month, as an advance retainer for the Hong Kong trio's ten per-cent finder's fees.
Tako and Norsemont claim they complied with Ms Ho's request to pay the retainers to a bank account in the name of Mr Keung. The suit notes that somewhere along the line, Tako and Norsemont realized things were not going so well. "The defendant Phoebe Ho made representations to the plaintiffs that she had more than 150 inquiries regarding potential investors to induce the plaintiffs to continue paying the retainers, however, the representation was untrue," claims Vancouver lawyer Robert Doran. Mr Doran claims the Hong Kong trio wrongfully terminated the agreement on October 1, and his clients suffered loss, damage and inconvenient. The lawyer makes assorted claims for unspecified damages for breaches of contract, agreement and warranty.
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