What is this all about. Does this company have any chance in this battle.
Maymac Petroleum Corp -
New lawsuit filed against Inversora Mael CA
Maymac Petroleum
Corp
MMA
Shares issued
18191922
1997-10-14 close
$0.08
Wednesday Oct 15
1997
Mr Barry Whelan reports
Further to the company's news release of
September 3 1997 (Stockwatch, September 4),
the company has filed a new action against
Inversora Mael CA and Richard Marquez in
the Supreme Court of BC, in order to protect
its interest under the right of first refusal
agreement and the company's claim to the Las
Cristinas property. Concessions 4 & 6 in
Venezuela, (the property). The property is
reported to contain over 9 million ounces of
gold. The company has dismissed its previous
action against Richard Marquez alone.
Brief History of Las Cristinas, Concessions 4
& 6
The original owner of the property was Mr
Angel Lemon, (the discoverer of Angel Falls).
His widow sold the property to Ramon Torres
in the 1980's.
By judgment issued May 9 1991 and upheld by
the Supreme Court of Justice on April 15 1997,
Ramon Torres transferred the ownership to a
private company, Inversora Mael CA, owned
by himself and several partners.
In January 1997, under the terms of the right
of first refusal agreement, dated August 2
1996, Mael offered to sell the property to
Maymac Petroleum for the sum of
US$34,600,000, payable US$600,000 upon
signing the agreement, and the balance of
US$34,000,000 due in 45 days.
On March 3 1997, Crystallex International
Corp announced it purchased Mael.
According to the Financial Post article dated
Juen 7 1997, Crystallex agreed to pay Mael,
US$30,000,000 with $6,000,000 down and the
balance of $24,000,000 to be paid over a
period of two years.
As the more favourable offer to Crystallex was
not offered to the company first, Maymac
reserves its rights under the right of first
refusal, and will take all steps necessary to
protect the company's primary interest in the
property.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Maymac Petroleum Corp -
Las Cristinas right of first refusal lawsuit
Maymac Petroleum
Corp
MMA
Shares issued
18191922
1997-09-02 close
$0.09
Wednesday Sep 3
1997
Also Crystallex International Corporation
(KRY)
Mr Barry Whelan reports
Further to news in Stockwatch August 7 1997,
the company has commenced an action against
Richard Marquez in the supreme court of BC,
in order to protect its interest under the right of
refusal agreement regarding the Las Cristinas
property.
HISTORY:
On August 2 1996, the company and Marquez
entered into an agreement, the terms of which
included the following:
a)
Marquez agreed to grant to the company a
right of first refusal, namely the exclusive
right to acquire any and all of the properties
secured or acquired by Marquez, his agents
and or affiliates, in South America or
Mexico for a period of two years from
August 2 1996;
b)
In consideration for the grant of the right of
first refusal, the company paid the sum of
$10,000 to Marquez.
It is the company's position that Marquez, his
agents and or affiliates, could not enter into an
agreement for a period of two years from
August 2 1996, with respect to any properties
secured or acquired, without first offering the
company the identical terms as contained in
any such agreement.
In January 1997, Marquez and a director of
the company, visited South America to
research properties.
Marquez represented as follows:
a)
That he was an agent for Ramon Torres,
and Inversora Mael, C.A.;
b)
By virtue of his influence with Ramon
Torres and Inversora Mael, C.A., he could
assist in negotiating the acquisition of the
Las Cristinas properties by the company.
While in Venezuela, in a meeting between
Marquez, Ramon Torres and the current
president of the company, Marquez offered the
company the opportunity to purchase Mael, for
the sum of US$34,600,000, payable
US$600,000 upon signing the agreement, and
the balance of US$34,000,000 due in 45 days.
Based on these terms, the company decided
not to proceed with the acquisition. Marquez,
while still bound by the right of first refusal
agreement, then offered Mael to Crystallex.
The purchase price according to the Financial
Post article dated June 7 1997, was
US$30,000,000 with $6,000,000 down and the
balance of $24,000,000 to be paid over a
period of two years.
At a time unknown to the company, Marquez
and/or his agents or affiliates acquired the right
and title to the Las Cristinas properties.
Sometime between August 2 1996 and March
3 1997, Marquez granted the right to acquire
the Las Cristinas properties to Crystallex
International, without first offering the
company the right and title to the Las Cristinas
properties, on the terms agreed with
Crystallex.
In granting rights to the Las Cristinas properties
to Crystallex, Marquez breached the
agreement. As a result of Marquez's breach of
the agreement, the company has suffered loss
and damage.
DAMAGES CLAIMED
a)
General damages for breach of contract;
b)
Special damages for breach of contract;
c)
Punitive damages;
d)
Interest pursuant to the Court Order Interest
Act; costs; and such further and other relief
as this honourable court deems just.
Once Mael's claim against Placer Dome has
been settled, the company will be evaluating
further legal action it may have against any
additional companies/individuals.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Maymac Petroleum Corp -
Van Sun says Maymac's Whelan joins the Las
Cristinas circus
Maymac Petroleum
Corp
MMA
Shares issued
18191922
1997-08-06 close $0.14
Thursday Aug 7 1997
See Placer Dome Inc (PDG) In the News
Reporter Rod Nutt says in the Thursday
edition of the Vancouver Sun that a third
company claims it has the rights to a part of
the Las Cristinas gold property in Venezuela.
Maymac Petroleum of Vancouver says it
should have been offered the right of first
refusal under better terms for Inversora Mael
CC, which claims ownership of two
concessions at Las Cristinas. Crystallex
International is already waging a battle with
Placer Dome over Las Cristinas concessions 4
and 6. Placer Dome official Hugh Leggatt
dismissed the latest claim. He says that
Maymac is in a dispute with Crystallex, which
in any case does not have any rights. The case
is before the courts in Venezuela but Placer is
so confident of its position that it broke ground
on the mine last Saturday. The US$600 million
mine contains an estimated 11.8 million ounces
of gold. Maymac president Barry Whelan says
he is eagerly anticipating the outcome of
Mael's claims against Placer in court.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Maymac Petroleum Corp -
Rights over Las Cristinas concessions to be
pursued
Maymac Petroleum
Corp
MMA
Shares issued
18191922
1997-08-06 close
$0.14
Wednesday Aug 6
1997
Also Crystallex International Corporation
(KRY)
Mr Barry Whelan reports
Further to news of July 9 1997 the company
intends to pursue its rights under the right of
first refusal agreement with Richard Marquez.
Mr Marquez, who was acting as agent for
Inversora Mael CA (a private company owned
by Ramon Torres and currently claiming
ownership of Las Cristinas 4 and 6 concessions
in Venezuela, (reported to contain nine million
ounces of gold), offered Crystallex
International Corp the opportunity to purchase
Mael, without first offering Mael to the
company under the same terms and conditions.
In January 1997, Mr Marquez and a director
of the company, visited South America to
research properties. While in Venezuela, in a
meeting between Mr Marquez, Ramon Torres
and the current president of Maymac, Mr
Marquez offered the company the opportunity
to purchase Mael for US$34.6 million, payable
US$600,000 upon signing the agreement and
the balance of US$34 million due in 45 days.
Based on these terms, the company decided
not to proceed with the acquisition. Mr
Marquez, while still bound by the right of first
refusal agreement, then offered Mael to
Crystallex. The purchase price according to
the Financial Post article dated June 7 1997
was US$30 million with $6 million down and
the balance of $24 million to be paid over two
years.
By virtue of the right of first refusal agrement,
it is the company's position that Mr Marquez
had an obligation to first offer Mael to the
company under the more favourable terms as
was offered to and accepted by Crystallex.
The company is anticipating the outcome of
Mael's claim against Placer Dome in the
Supreme Court of Venezuela.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Maymac Petroleum Corp -
Preliminary legal review completed
Maymac Petroleum
Corp
MMA
Shares issued 18191922
1997-07-08 close $0.1
Wednesday Jul 9 1997
Mr Barry Whelan reports
Further to news in Stockwatch July 7 1997, the
company's lawyers have completed a
preliminary review of its legal position with
respect to the right of first refusal agreement. It
is the company's position that Richard
Marquez and/or his agents and affiliates, are in
default under the terms of that agreement with
respect to Las Cristinas 4 and 6 concessions in
Venezuela. The company is now in the
process of reviewing its legal options.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Mr Metals |
