Resounding Litigation Win for Present Management of AuRo Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2012) - AuRo Resources Corp. (TSX VENTURE:ARU) ("AuRo Resources") is very pleased to announce that AuRo Resources had a resounding win in the British Columbia Supreme Court on Friday December 21, 2012 against Andrew Williams, a Haywood broker. All applications to the Court by Andrew Williams against AuRo Resources and four of its six directors being Len Davies, Mario Concha, Mark Lawson and Mike Rodger (the "Named Directors") were dismissed entirely. Also the Court ordered Andrew Williams to pay the costs of AuRo Resources and the Named Directors.
Andrew Williams is a broker at Haywood Securities Inc. and an associate of David Elliott, also a broker at Haywood.
Andrew Williams had applied for a temporary injunction against AuRo Resources and the Named Directors which present management believes was intended to temporarily financially cripple AuRo Resources in an attempt by Andrew Williams and David Elliott to influence shareholders and to cause them to vote for directors nominated by David Elliott under a "dissident" information circular.
Ironically, although Andrew Williams complained in his Petition to the Court about the record date for the shareholder meeting and that his shares were issued after the record date, evidence led before the Court disclosed that John Gomez, who was a director nominee of Haywood and David Elliott and who also was a member of the previous management team and who was removed as the CEO of AuRo Resources on November 16, 2012, had set the record date. John Gomez (not any of current management or named directors) dealt with the TSX Venture Exchange concerning the private placement issuance of shares to Andrew Williams and David Elliott. Unfortunately for each of Andrew Williams and David Elliott, despite the actions or inactions of their nominee, John Gomez, the private placement announced on September 13, 2012 closed on November 7, 2012 which was two days after the record date set by their nominee, John Gomez. Sworn evidence put before the Court showed that none of the present management and none of the named directors had dealt with the private placement and the Exchange. None of the present management and none of the named directors were responsible for the closing of the private placement two days after the record date. Therefore, AuRo Resources does not find it surprising that Andrew Williams did not seek temporary orders regarding the record date.
Andrew Williams had similarly embarrassing results with his claims for injunctive relief before the Court. He had applied for an injunction preventing the following before the upcoming shareholders meeting of AuRo Resources: (a) the issuance of any securities); (b) the selling, transferring or encumbering of any property, (c) the incurring of any debts or obligations; (d) the entering into any arrangement or compromises; and (e) the entering into any agreement to pay any remuneration to any officer or director of AuRo Resources. All of those applications were dismissed in their entirety and the Court ordered that Andrew Williams pay the costs of AuRo Resources and its Named Directors.
In the event that Andrew Williams attempts to pursue this matter further, AuRo Resources has instructed its legal counsel to vigorously defend the matter, which AuRo Resources considers has no merit and to seek costs payable at the highest available scale.
Len Davies, CEO & President
AuRo Resources Corp.
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AuRo Resources Corp.