Business
Star Diamond Update on Legal Dispute with Rio Tinto Canada
Star Diamond Update on Legal Dispute with Rio Tinto Canada Canada NewsWire ...
About this update from Star Diamond Corporation
[{"type":"text","content":"\n \n \n \n Star Diamond Update on Legal Dispute with Rio Tinto Canada\n \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 Canada NewsWire\n \n \n \n \n \n Stock Symbol: DIAM: TSX\n \n \n \n \n SASKATOON, SK\n \n ,\n \n June 21, 2021\n \n /CNW/ - Star Diamond Corporation (\"Star Diamond\") today provided an update on the ongoing litigation (the \"Legal Proceedings\") between\n \n Star Diamond\n \n and Rio Tinto Exploration Canada Inc. (\"Rio Tinto Canada\") in the Court of Queen's Bench for\n \n Saskatchewan\n \n (Judicial Centre of\n \n Saskatoon\n \n ) (the \"Court\").\n \n \n \n \n \n \n \n \n \n As previously disclosed, on\n \n June 4, 2021\n \n , the Court held a hearing in respect of the undertaking (the \"Undertaking\") previously provided by Rio Tinto Canada to the Court.  The Court reserved its decision, which is expected in the coming weeks.\n \n \n Notwithstanding that the Court has not yet released its decision in respect of the Undertaking, on\n \n June 17, 2021\n \n , Rio Tinto Canada delivered a notice to\n \n Star Diamond\n \n purporting to call, for\n \n July 21, 2021\n \n , a meeting of the management committee of the joint venture that Rio Tinto Canada claims was previously formed between\n \n Star Diamond\n \n and Rio Tinto Canada. As previously disclosed,\n \n Star Diamond\n \n believes that no such joint venture has been formed because Rio Tinto Canada's\n \n November 2019\n \n purported exercise of its options under the Option to Joint Venture Agreement dated\n \n June 22, 2017\n \n between\n \n Star Diamond\n \n and Rio Tinto Canada did not comply with that agreement.\n \n \n The\n \n June 17, 2021\n \n notice from Rio Tinto Canada indicates that Rio Tinto Canada will be seeking approval of a proposed budget for the period from\n \n June 2021\n \n to\n \n March 2022\n \n of Cdn.\n \n $17.8 million\n \n .  The notice also indicates that Rio Tinto Canada will be seeking to add to that budget an aggregate of Cdn.\n \n $64.4 million\n \n allegedly spent by Rio Tinto Canada during 2019, 2020 and the first five months of 2021.\n \...