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The Securities Litigation Group at Kim Spencer McPhee Barristers P.C. f/k/a Morganti & Co., P.C., Announces That the Settlement Reached in the Class Action Against Colt Resources Inc.

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The Securities Litigation Group at Kim Spencer McPhee Barristers P.C. f/k/a Morganti & Co., P.C., announces that the settlement reached in the class action against Colt Resources Inc., ("Colt"), Nikolas Perrault, Shahab Jaffrey, Joe Kin Foon Tai, and Paul Yeou, alleging misrepresentation in connection with Colt’s investment in a Turkish company in July of 2016, has been approved by the Ontario Superior Court of Justice (the "Court").

The settlement provides for the payment by the Defendants of the total amount of CDN$950,000, to resolve those claims (the "Settlement"). The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by any of the Defendants.

If you purchased or otherwise acquired Colt’s securities on any stock exchange, over-the-counter, or directly from Colt, either: (i) on or after March 15, 2015, and held them until the close of trading on July 13, 2016, or (ii) after July 13, 2016 and held them until the close of trading on November 29, 2016, December 20, 2016, or January 30, 2017, you may be entitled to participate in the settlement.

Class Members seeking to file a claim must do so by completing a claim form and providing supporting documentation online at www.morgantico.com/colt-resources-inc by 5:00pm EST on July 5, 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210412005830/en/

Contacts

Joe Wahba
Kim Spencer McPhee Barristers P.C.
1200 Bay Street, Suite 1203
Toronto, ON M5R 2A5
T. 416-596-1414 F. 416-598-0601
jw@complexlaw.ca l www.complexlaw.ca