Abitibi Royalties Inc. (TSXV:RZZ) has advised on the current status of proceedings recently filed with the Québec Superior Court on May 30, 2014. Abitibi has made claims against Osisko Mining Corp. (TSX:OSK) that its rights under its joint venture agreement with the company have not been respected and that its rights to re-acquire the Malarctic CHL property under a right of first refusal have been triggered. Osisko, Agnico Eagle Mines (TSX:AEM) and Yamana Gold (TSX:YRI) agreed to make significant changes to their arrangement agreement in response to these claims.
As quoted in the press release:
Abitibi Royalties filed these proceedings in response to Osisko, Agnico Eagle Mines Limited (“Agnico”) and Yamana Gold Inc. (“Yamana”) entering into an arrangement agreement dated April 16, 2014 (the “Arrangement Agreement”) pursuant to which Osisko agreed to transfer all of its Canadian Malartic assets, including the Malartic CHL property, to a new partnership that would ultimately be owned by Agnico and Yamana as to 50% each.