IDKFF - ThreeD Capital Inc. Announces Settlement of Dispute with Palisades Goldcorp Ltd. Collin Kettell and New Found Gold Corp. | Benzinga
TORONTO, June 06, 2024 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. ("ThreeD" or the "Company") (CSE:IDK, OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, announces that it has reached a settlement concerning a lawsuit filed by the Company and 1313366 Ontario Inc. (together, the "Plaintiffs") against Palisades Goldcorp Ltd., Collin Kettell, and New Found Gold Corp. ("NFG" together, the "Defendants") in the Ontario Superior Court of Justice in Toronto, Ontario. To avoid the expense, burden and uncertainty associated with litigation and to resolve the litigation completely, the parties entered into a settlement agreement, without any admission of wrongdoing.
As part of the settlement, the Defendants agreed to provide a total of 3,750,000 common shares in NFG to the Plaintiffs. Palisades will transfer 3,380,000 shares to the Plaintiffs and NFG will issue the balance of 370,000 shares, the latter of which is subject to approval of the TSX Venture Exchange and the NYSE American LLC. The Company will receive a total of 2,892,863 shares and 1313366 Ontario Inc. will receive a total of 857,137 shares.
The 370,000 common shares issued to the Plaintiffs from NFG, of which the Company will receive 285,429 common shares, will be subject to a four month and a day hold period pursuant to applicable securities laws.
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