Novadx Ventures: Supreme Court of BC Dismisses All Claims of Series A and B Secured Convertible Debentures Holders

Novadx Ventures Corp. (TSXV:NDX) announced that the Supreme Court of British Columbia has issued a decision in favour of the Company and its wholly owned subsidiary, MCoal Corporation and dismissed all of the claims of the holders of the Series A and Series B Secured Convertible Debentures.

As quoted in the press release:

Despite the Company having previously repaid the debentures in accordance with their terms, in February, 2011 the Debenture Holders filed a Notice of Civil Claim in the BC Supreme Court seeking an order that they had converted their debentures and possessed a 25% joint venture interest in MCoal’s Rosa Mine. In response to this litigation the Company brought an application to dismiss all of the claims of the holders Series A and Series B Debentures before the BC Supreme Court. On April 7, 2012, the BC Supreme Court issued a decision in favour of the Company and dismissed all of the claims of the holders of the Series A and Series B Debentures. The holders of the Series A and Series B Debentures have 30 days to appeal the decision, ending on May 7, 2012.

Click here to read the Novadx Ventures Corp. (TSXV:NDX) press release