Guardian Exploration Files Statement of Claim against Saudi Arabian Mining Company (SEMC), David Ransom and Cameron Petricevic

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[{"type":"text","content":"Guardian Exploration Files Statement of Claim against Saudi Arabian Mining Company (SEMC), David Ransom and Cameron Petricevic\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Calgary, Alberta\n \n \n –\n \n \n TheNewswire -\n \n \n June 25, 2024\n \n \n .  Guardian Exploration\nInc. (TSXV: GX) (OTCQB: GXUSF) (Frankfurt: R6B)\n \n \n (“\n \n \n Guardian\n \n \n ”) announces that it has filed a\nStatement of Claim with the Court of King’s Bench of Alberta against\nSite Exploration Mining Company (“\n \n \n SEMC\n \n \n ”), David\nRansom and Cameron Petricevic (the “\n \n \n Defendants\n \n \n ”).\n \n \n \n \n The Statement of Claim is in reference to a letter of\nintent (the “LOI”) for a proposed acquisition of SEMC by Guardian\n(the “\n \n \n LOI\n \n \n ”) originally announced on December 5, 2023 (the\n“\n \n \n Transaction\n \n \n ”).\n \n \n \n \n During the due diligence process, it was discovered\nthat SEMC was in default of its corporate filings and payment of\nannual fees, such that it was no longer a valid corporation in the\nKingdom of Saudi Arabia. As a result, the timeframe to close the\nproposed transaction was not extended and the Transaction was not\ncompleted.\n \n \n \n \n The Statement of Claim seeks damages from the\nDefendants with respect to the following allegations:\n \n \n \n \n \n \n The Defendants made misrepresentations to Guardian that\nwere inaccurate, untrue, misleading or false, either knowingly or\nrecklessly, to induce Guardian to execute the LOI.\n \n \n \n \n \n \n SEMC breached the binding obligations of the LOI by\ninter alia:\n \n \n \n \n \n \n a)\n \n \n making inaccurate, untrue, or\nmisleading statements throughout the Due Diligence Period, in\nparticular with respect to the legal status of SEMC;\n \n \n \n \n b)\n \n \n failing to provide material\ninformation to Guardian during the Due Diligence Period;\n \n \n \n \n c)\n \n \n failing to disclose that SEMC\nwas not in good standing, or in the alternative failing to take\nreasonable steps to maintain SEMC in good standing, by failing to\nattend to their corporate filings or pay their annual dues;\n \n \n \n \n d)\n \n \n failing to take reasonable\ncommercial efforts to complete the Transaction;\n \n \n \n \n e)\n \n \n inducing or ...

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