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by Mike Caswell

Greg Binions, a shareholder of inactive TSX Venture Exchange listing Lovitt Resources Inc., has filed a case against the company in the Supreme Court of British Columbia. Mr. Binions claims that Lovitt is concealing material facts about its financial situation and that the company has refused to provide financial statements or bank records, among other documents. He is seeking a court order for the production of that material.

The allegations are contained in a petition that Mr. Binions filed at the Vancouver courthouse on Oct. 25, 2024. Mr. Binions identifies himself as the owner of 750,000 shares of Lovitt, the primary asset of which is a gold mine in Washington State. The company appears inactive, with the stock having been suspended since Nov. 3, 2023, when the B.C. Securities Commission cited Lovitt for failure to file its annual financial statements.

Mr. Binions's case centres in part on the 20-year history of Lovitt, during which the company's focus has been developing its mine in Washington State. Mr. Binions says that the company has made "numerous representations" to him and others over that 20-year period, "claiming that its supposed drilling program would be commencing imminently, in order to entice Binions and other shareholders to buy more shares." Despite that, the company has made little progress on its drilling, the petition states.

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