Guardian Exploration Sues SEMC Over Failed Deal

Guardian Exploration (TSE:GX) has released an update.

Guardian Exploration Inc. has filed a lawsuit seeking damages from Saudi Arabian Mining Company (SEMC) and associates for alleged misrepresentations and breaches of a letter of intent regarding a failed acquisition. The company claims SEMC was not a valid corporation due to default on corporate filings and fees, hindering the transaction’s completion. Guardian Exploration is pursuing general damages of $50,000 and specific damages of $150,000 for costs incurred.

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