Northland Learns of Potential Legal Claim in Canada
Luxembourg, September 17, 2013 – Northland Resources S.A. (OSE: NAUR, Frankfurt: NPK, Nasdaq OMX/First North: NAURo) (“Northland” or the “Company”) has learned that a statement of claim seeking certification as a class proceeding has been issued by the Ontario Superior Court of Justice.
The claim which names the Company and certain officers, former officers and former directors of the Company as defendants and seeks to certify a class of all persons who acquired securities between April 1, 2012 and January 23, 2013 and who held securities as of January 23, 2013. The plaintiff alleges that the defendants failed to make timely disclosure of cost escalations and overruns relating to the Company’s Kaunisvaara Project. The plaintiff is seeking leave of the Ontario Superior Court of Justice to proceed with statutory misrepresentation claims for secondary market liability and also asserts common law claims for negligence, negligent misrepresentation and civil conspiracy. The claimed damages are not specified apart from a claim made for punitive damages in the amount of CAD 10 million. The statement of claim has not yet been served on the Company or any of the other parties. If and when the statement of claim is served on the Company, the Company intends to vigorously defend the claim.
“Peter Pernlöf” Acting CEO, Northland Resources S.A.
For more information, please contact: Jonas Lundström, SVP Corporate Communication: +46 705 493 338 Petter Brunnberg, Investor Relations: +46 727 24 41 09
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