This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Asante Gold Corp.'s founder and former president, Douglas MacQuarrie, has filed a $1.11-million lawsuit against the company in the Supreme Court of British Columbia. Mr. MacQuarrie claims that Asante has failed to repay a loan he made to the company and that Asante has no intention of handing over the money. He is seeking the court-ordered payment, plus an order for 1.17 million shares that he says the company owes him.

The allegations are contained in a notice of claim that Mr. MacQuarrie filed at the Vancouver courthouse on July 16, 2024. Mr. MacQuarrie identifies himself as having had roles with Asante going back to May, 2011, with those roles including being president, chief executive officer and a director. He says that he remained with the company as its chairman until April 24, 2024, when the board did not nominate him for re-election.

The debt at issue, as set out in the suit, goes back to February, 2016, when a private entity that Mr. MacQuarrie controls began lending money to Asante. The initial amount, of $975,009, was to be repaid by March 19, 2022, but that did not occur, the suit states. The amount owing, meanwhile, continued to grow as Asante failed to pay fees for director services, Mr. MacQuarrie claims. He says that he also incurred expenses on Asante's behalf, which the company failed to reimburse.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS