5 unchanged sentences
Two of our subsidiaries are involved in legal proceedings described below.
−Removed: Our subsidiary Kaizen is currently involved in litigation in British Columbia, Canada which commenced in 2017.
−Removed: The proceedings relate to a claim by AM Gold Inc.
+Added: Our subsidiary Kaizen was involved in litigation in British Columbia, Canada which commenced in 2017.
+Added: The proceedings related to a claim by AM Gold Inc.
(“AMG”) against Kaizen in respect of its acquisition of the Pinaya Project.
−Removed: On September 2, 2022, the Supreme Court of Canada dismissed the application of AMG seeking leave to appeal the January 21, 2022 decision of the British Columbia Court of Appeal.
−Removed: The British Columbia Court of Appeal decision upheld the March 23, 2021 decision of the trial judge which dismissed all of AMG’s claims against Kaizen.
−Removed: There is no further avenue of appeal or review available to AMG from the Supreme Court of Canada’s judgment.
−Removed: In a separate decision by the trial judge, Kaizen was awarded the costs of the trial on an enhanced, substantial-indemnity basis against AMG and its principal John Fiorino.
−Removed: Fiorino appealed the costs award and on August 22, 2022, the Court of Appeal partially allowed the appeal, reversing the substantial-indemnity costs order.
−Removed: The Court of Appeal upheld the order that Mr.
−Removed: Fiorino be liable to pay the costs along with AMG and directed that such costs are payable at 1.5 times the rates provided in the BC Supreme Court Rules Tariff of Costs.
−Removed: Kaizen is also entitled to recover the costs of the merits appeal and the application for leave to the Supreme Court of Canada.
−Removed: Kaizen will have to pay AMG’s cost with respect to the costs appeal.
+Added: On September 2, 2022, the Supreme Court of Canada dismissed the application of AM Gold (“AMG”) seeking leave to appeal the January 21, 2022 decision of the British Columbia Court of Appeal, which upheld the March 23, 2021 decision of the trial judge dismissing all of AMG’s claims.
+Added: The British Columbia Court of Appeal concluded that no errors were made in the trial judge’s reasoning.
+Added: The Supreme Court of Canada’s dismissal means that the decision of the British Columbia Court of Appeal is final and conclusive.
+Added: There is no further avenue of appeal or review available to AMG as a result of the Supreme Court of Canada’s dismissal of the claims.
+Added: Kaizen was entitled to payment from AMG on account of the costs of the litigation and has now reached a settlement agreement regarding that entitlement with AMG and recovered costs of Cdn$500,000 in March 2023.
Our subsidiary Cordoba is currently involved in two legal proceedings.
6 unchanged sentences
The Administrative Court of Montería admitted the commencement of the class action on September 2021.
−Removed: The decision was challenged by Cordoba and other defendants and, accordingly, the Court is required to adopt a decision, which is still pending.
+Added: The decision was challenged by Cordoba and other defendants and confirmed by the Court.
+Added: Cordoba timely filed its:
+Added: (i) response to the lawsuit and statement of defense;
+Added: and (ii) opposition to the injunction requested by plaintiffs.
+Added: The Court now should:
+Added: (i) issue a decision on the injunction;
+Added: and (ii) schedule date and time for the initial hearing.
While the court matters proceed, Cordoba will incur additional costs that will negatively impact its financial position.
As well, the litigation process is uncertain and it is possible that the second proceeding is resolved against Cordoba, which could have a material adverse effect on its business, results of operations, financial condition and prospects.
+Added: Risk Factors.
+Added: There have been no material changes to our risk factors previously disclosed in Part I, Item 1A.
+Added: “Risk Factors” of our 2022 Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.