Business
James Bay Resources Limited Enters an Investor Agreement for US Litigation Funding
Toronto, Ontario--(Newsfile Corp. - December 16, 2025) - James Bay Resources Limited (CSE: JBR) ("James Bay" or the "Company") announces that it has entered into an investor agreement (the "Agreement") with 1001399076 Ontario Inc. ("1001") pursuant to which 1001 will assume responsibility for providing funding related to the Company's ongoing US litigation claims against Wynn Resorts Ltd. (previously announced in the Company's news release dated October 3, 2024) and the claim against John...
About this update from Wynn Resorts, Limited
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - December 16, 2025) - James Bay Resources Limited (CSE: JBR) ("James Bay" or the "Company") announces that it has entered into an investor agreement (the "Agreement") with 1001399076 Ontario Inc. ("1001") pursuant to which 1001 will assume responsibility for providing funding related to the Company's ongoing US litigation claims against Wynn Resorts Ltd. (previously announced in the Company's news release dated October 3, 2024) and the claim against John Armstrong and his firm (together, the "US Claims"). In consideration for assuming the financing obligations associated with the US Claims, 1001 will be entitled to receive 80% of the proceeds from any settlement or final judgement for which no appeal or further proceeding may be taken that may result from the US Claims (the "Final Award"). The remaining 20% interest in any Final Award will be retained by James Bay.","length":980,"tagName":"p"},{"type":"text","content":"Under the terms of the Agreement, the Company will assign a series of its existing convertible debentures (the "Convertible Debentures") with an aggregate principal value of $452,000, held by the shareholders of 1001, to 1001. The Company will not have any further obligations to repay the Convertible Debentures. However, in the event that a Final Award is not received within two years of the effective date of the Agreement, holders of the Convertible Debentures shall have the option to convert the then outstanding principal and accrued interest under the Convertible Debentures into units of the Company ("Units") at the rate of $0.05 per Unit, with each Unit comprised of a common share in the capital of the Company ("Common Share"), and a common share purchase warrant ("Warrant"), with each Warrant exercisable at $0.05 for a Common Share, for a period of 3 years from the date the Units are issued.","length":949,"tagName":"p"},{"type":"text","content":"The assignment of the Convertible Debentures and the related Final Award arrangement with 1001 are intended to strengthen the Company's financial position by transferring the cost and risk of litigation, while preserving a share of any favorable outcome for James Bay and its shareholders.","length":293,"tagName":"p"},{"type...