CALGARY, Alberta, Sept. 03, 2019 (GLOBE NEWSWIRE) -- (TSX Venture: CBA) – Champion Bear Resources Ltd. ("Champion Bear" or the "Company") announces that it has filed a Statement of Defence and Counterclaim in response to receiving a Statement of Claim filed against Champion Bear by former Chief Financial Officer, Audrey Och and former director, Brad Butler, with the Alberta Court of Queen's Bench (the "Court"). This matter, which the Company believes is without merit, relates to funds that were allegedly advanced by Brad Butler to Champion Bear and accounting services that were allegedly provided by Ms. Och. Champion Bear has filed a Statement of Defence and Counterclaim with the Court denying that it has any contractual or other obligation to pay any amounts to such individuals and is seeking a judgement from the Court for expenses relating to extraordinary accounting fees currently estimated at $100,000 and approximately $250,000 against Butler, Och and another former director, Todd Dillabough, for the co-ordinated breach of their fiduciary duties and their oppressive actions toward Champion Bear, and the incurring of expenses without authority and approval.
Further information can be obtained by reviewing the public court documents that pertain to the action number 1901-10599, as filed with the Court, Calgary Judicial Centre.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through selective property acquisition followed by focused exploration emphasizing drilling. The Company has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares. Additional information about Champion Bear can be found on the Company's website at www.championbear.com and on SEDAR at www.sedar.com. For further information, please contact: Richard D. Kantor, Chairman and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation including statements relating to the statements relating to the allegations made against the Company, the Company's belief that the allegations are entirely without merit and its ability to continued ability to defend itself against the allegations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the potential development of resources and drilling plans which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company's securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters. In addition, defense costs of legal claims can be substantial, even with respect to claims that have no merit and due to the inherent uncertainty of the litigation process, the resolution of the legal proceeding to which the Company has become subject could have a material effect on the Company's financial position and results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.