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NT Mining Provides Corporate UpdateBY Market Wire
— 10:27 AM ET 11/04/2010
LAS VEGAS, NV -- (MARKET WIRE) -- 11/04/10 -- NT Mining Corporation (NTMG
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) -- On October 22, 2010, the Company commenced an action in the Supreme Court of British Columbia against Robert Hughes, Hughes Maritime Corp., Heidi Hughes, Karis Marine Inc., Palo Verde Investments Corp. and Maple Management Ltd.
The action alleges that Robert Hughes, while acting as a de facto director and key employee of NT, wrongfully caused Hughes Maritime Corp. to sell, on December 15, 2009, all the issued and outstanding shares of Bullmoose Mines Ltd. ("Bullmoose Shares") to Maple Management Ltd. and didn't disclose this to purported sale to NT until August 2010.
The action further alleges that previously, on October 14, 2008, NT had purchased the Bullmoose Shares from Hughes Maritime and that Agreement remains in good standing.
The action further alleges that Hughes wrongfully purported to terminate the October 14, 2008 Agreement in July 2010 and, in any event, did not give NT any period of time to remedy any default.
The action seeks a declaration that NT is the owner of the Bullmoose Shares.
The action also seeks damages, an accounting and disgorgement of profits against Hughes and the other defendants on the basis that they joined Hughes in his wrongful actions.
In addition, the Company seeks that Hughes and Hughes Maritime Corp. produce proper back-up documents to justify their receipt of $70,200.00 and $116,800.00, respectively, from the Company between January 31, 2008 and June 18, 2010.
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