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samco gold ltd (SGCLF) Snapshot

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03/14/14 - $0.30
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samco gold ltd (SGCLF) Details

Samco Gold Limited, a mineral exploration company, acquires, explores, and develops precious metals projects in South America. It primarily explores for gold and silver ores. The company owns approximately 55,000 hectares of mineral exploration concessions comprising 10 projects located on the Deseado Massif in the Province of Santa Cruz, Argentina. Its principal projects comprise the El Dorado, Monserrat, and adjacent Judite properties, which cover an area of approximately 8,000 hectares; and the Corina property. The company was formerly known as Samco (Argentina) Limited and changed its name to Samco Gold Limited in March 2011. Samco Gold Limited was incorporated in 2009 and is based in Road Town, the British Virgin Islands.

Founded in 2009

samco gold ltd (SGCLF) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: $200.0K
Chief Financial Officer
Total Annual Compensation: $175.0K
Executive Director
Total Annual Compensation: $175.0K
Compensation as of Fiscal Year 2013.

samco gold ltd (SGCLF) Key Developments

Samco Gold Limited Receives Notice of Civil Claim by Yamana Gold

Samco Gold Limited announced that it has been served with a Notice of Civil Claim, in the Supreme Court of British Columbia, by plaintiffs 0805346 B.C. Ltd. and Yamana Gold Inc., claiming damages for alleged lost 'opportunity' rights of 0805346 B.C. Ltd., as successor to Northern Orion, and other unspecified damages from, among other things, alleged conspiracy by Ricardo Auriemma and others associated with Mr. Auriemma (the Auriemma defendants) and the Company. The claim alleges certain Auriemma defendants breached a contractual obligation to Northern Orion by pursuing and acquiring mineral concessions located in the El Dorado-Monserrat region of Santa Cruz Province, Argentina without first presenting this opportunity to Northern Orion. The contract at issue relates to the same regional alliance agreement between Ricardo Auriemma and Northern Orion for which background was previously provided in the news releases referred to below. The notice of claim asserts the Company was aware of this alleged breach by the Auriemma defendants when it offered Company shares in exchange for shares in the defendant, 5R S.A., the principal asset of which was the El Dorado Rights. The plaintiffs seek damages for, among other things, breach of contract and breach of fiduciary duty from certain members of the Auriemma defendants. They seek from all defendants an accounting and order for disgorgement of mining opportunities or other assets/profits/benefits therefrom acquired as a result of the alleged breaches. The plaintiffs claim a constructive trust over the mining opportunities or other assets at issue. They also seek from all defendants unspecified damages for conspiracy claiming there was a conspiracy associated with keeping the El Dorado Rights from Northern Orion and associated with alleged use of Samco as a reporting issuer to fund Argentinean litigation, discussed below, and harm the plaintiffs through alleged misleading public statements relating to that litigation. The plaintiffs also assert, and the Company vigorously denies, that the Company had knowledge at the time of its IPO that Northern Orion might have a basis to claim the El Dorado Rights. The company will vigorously defend itself against this claim. The Company believes the allegations are without merit and believes they represent a tactical response by the plaintiffs to Argentinean litigation in which Ricardo Auriemma successfully obtained a judgment of the Commercial Court of Appeal against 0805346 B.C. Ltd. for breach of contract; and in which the Company has an interest in the damages arising from that judgment. The plaintiffs' claim itself makes reference to the Argentinean litigation in which the Commercial Court of Appeal found 0805346 B.C. Ltd. liable for damages to Mr. Auriemma for breach of contract. As previously disclosed, the Company has the right to participate, on a sliding scale basis, in any benefits arising from the future enforcement of any judgment against 0805346 B.C. Ltd. in Argentina. The plaintiffs' notice of civil claim acknowledges that the Commercial Court of Appeal decision became final on October 28, 2014. However, 0805346 B.C. Ltd. is seeking to have the damages award annulled, alleging that the valuator's determination was 'manifestly contrary to the directions of the Commercial Court of Appeal', and to have the Court appoint a new Arbitrator to prepare a new damages report.

Samco Gold Limited to Report Q3, 2014 Results on Nov 25, 2014

Samco Gold Limited announced that they will report Q3, 2014 results on Nov 25, 2014

Samco Gold Limited to Report Q1, 2014 Results on May 15, 2014

Samco Gold Limited announced that they will report Q1, 2014 results on May 15, 2014

 

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