Certification and Hearing to Approve Proposed Settlement of Victoria Gold Corp. Securities Class Action
TORONTO, Sept. 8, 2022 /PRNewswire/ - The parties to a proposed class action commenced against Victoria Gold Corp., John McConnell, T. Sean Harvey, Michael McInnis, Sean Roosen, Marty Rendall, Orion Co-VI Ltd., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and PI Financial Corp. have reached a proposed settlement of the claim which is subject to approval by the Supreme Court of British Columbia.
The class action has now been certified as against Victoria Gold, and dismissed as against the remaining Defendants. This notice provides information about this proposed settlement and related matters and how to exclude yourself ("opt-out") out of the class action.
Your legal rights are affected even if you do nothing. Please read this notice carefully.
The class action was commenced on behalf all persons and entities, wherever they may reside or may be domiciled, who purchased or otherwise acquired securities of Victoria Gold either: |
|
(1) |
in the secondary offering of Victoria Gold's common shares which closed on September 30, 2020, and held all or some of those securities as of November 13, 2020; or |
(2) |
on a stock exchange between July 1, 2020 and November 12, 2020, and held all or some of those securities as of November 13, 2020. |
The proposed settlement amount is CAD $925,000, including Class Counsel's fees, applicable taxes and expenses, any honourarium, and interest. The Defendants do not admit any wrongdoing or liability. By agreeing to the proposed settlement, the parties avoid the costs and uncertainty of a trial and delays in obtaining judgment.
If you do not wish to be bound by the class action and participate in the settlement, you must opt-out of the class action. A copy of the Opt-Out Form is available here:
https://knd.law/class-actions/victoria-gold-corp/
The Supreme Court of British Columbia is required to decide whether to approve the proposed settlement, class counsel fees and disbursements plus tax, an honourarium for the Representative Plaintiff and a plan to allocate and distribute the settlement proceeds. The Court will hear submissions about the approval of the proposed settlement on November 18, 2022. Payments will only be made available if the Court approves the proposed settlement and after any appeals are resolved.
- Stay in the Class Action and Do Nothing: You do not have to do anything to stay in the class action, but you will give up your right to sue the Defendants on your own.
- Stay in the Class Action and Object: If you want to object to the proposed settlement or the payment of Class Counsel's fees, fill out a Notice of Objection available at: https://knd.law/class-actions/victoria-gold-corp/. You must submit your Notice of Objection by email to [email protected] or fax at (416) 352-7638 by November 3, 2022 for it to be valid.
- Opt-Out of the Class Action: You can exclude yourself from the class action and the proposed settlement by filling out an Opt-Out Form available at: https://knd.law/class-actions/victoria-gold-corp/. You must submit your Opt-Out form by email to [email protected] or fax at (416) 352-7638 by November 8, 2022 for it to be valid.
These rights and options and the deadlines to exercise them and further information about the proposed settlement are explained in a notice available at: https://knd.law/class-actions/victoria-gold-corp/
More details may be found in the Settlement Agreement. You can obtain a copy of the Settlement Agreement at https://knd.law/class-actions/victoria-gold-corp/. You can send your questions by email to [email protected] or by fax to (416) 352-7638.
The lawyers for the Plaintiff and the Class in this class action are KND Complex Litigation.
SOURCE KND Complex Litigation
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