FYI

Bruce Durham, one of Rosseau's proposed Directors, has been at the centre of on going litigation since 2004. It began when he was a Director, and senior officer of Canadian Royalties. He is still on their BOD. In 2004, Ungava Minerals launched a lawsuit, alleging breaches of fiduciary and other duties against him and another defendant, also on their BOD. Ungava's lawsuit has been rejected by one Quebec court, and a subsequent appeal dismissed by the Quebec Supreme Court. However, Ungava Minerals (now Nearctic Nickel Mines) has recently launched another appeal. In addition, in 2006, another lawsuit against Canadian Royalties was launched regarding a 1% NSR royalty to a vendor in the Expo-Ungava property who is now seeking to have the sale of the NSR rescinded.

In 2004, Thomas Obradovich, a co-founder of Canadian Royalties, was also an active director of Canadian Royalties.

What does "fiduciary" imply?

A fiduciary duty is the highest standard of care at either equity or law.

The word itself comes originally from the Latin fides, meaning faith, and fiducia, trust.

When a fiduciary duty is imposed, equity requires a stricter standard of behavior than the comparable tortious duty of care at common law. It is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where his fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from his fiduciary position without express knowledge and consent. A fiduciary cannot have a conflict of interest.

Food for thought?

geoprof