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Star Diamond Provides Update Regarding Rio Tinto Litigation
Star Diamond Provides Update Regarding Rio Tinto Litigation Canada NewsWire SASK...
About this update from Star Diamond Corporation
[{"type":"text","content":"\n\n\n\nStar Diamond Provides Update Regarding Rio Tinto Litigation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, SK, Aug. 11, 2020\n\n\n\nStock Symbol: TSX: DIAM\n SASKATOON, SK, Aug. 11, 2020 /CNW/ - Star Diamond Corporation (\"Star Diamond\" or the \"Corporation\") today provided an update in connection with its ongoing legal proceedings (the \"Legal Proceedings\") against Rio Tinto Exploration Canada Inc. (\"RTEC\") related to RTEC's purported exercise in November 2019 of its four options under the Option to Joint Venture Agreement dated June 22, 2017 (the \"Option Agreement\"). Yesterday, the Court of Queen's Bench for Saskatchewan (Judicial Centre of Saskatoon) released its decision (the \"Decision\") on the interim injunction application that had been brought by Star Diamond as one step in the Legal Proceedings.\nIn the Decision, the Court found that Star Diamond had successfully met its onus of establishing a serious issue to be tried in the Legal Proceedings with respect to each of the following key claims advanced by Star Diamond:\nthat RTEC did not validly exercise the second, third or fourth option in accordance with the Option Agreement; that RTEC engaged in misrepresentation about both the costs associated with RTEC's work under the Option Agreement and about RTEC not exercising its options until results were available from the bulk sample cutter holes excavated by RTEC in 2019; and that RTEC breached its duties of good faith and honest dealing in that RTEC exercised its discretionary powers to deliberately undermine Star Diamond's contractual interests and dilute Star Diamond's interest in the joint venture, and that RTEC misled Star Diamond as to when it would exercise the options so as to form the joint venture.While each of these claims will ultimately need to be assessed and determined by the Court at the hearing on the merits in the Legal Proceedings, Star Diamond is pleased that the Court recognized, at this preliminary stage, that these claims represent serious issues to be tried at the merits hearing.  Star Diam...