Dacha Strategic Metals Inc. (“Dacha”) (TSX VENTURE: DSM) (OTCQX: DCHAF) announced today that it has commenced a court proceeding against Goodwood Inc., Salida Capital LP, Takota Asset Management Inc. and Longford Energy Inc. (collectively, the “Parties”), which exercise direction and control in the aggregate over 31.5% of the outstanding shares of Dacha. The court application alleges that the Parties were “acting jointly or in concert” within the meaning s. 91(1) of the Securities Act during their acquisition of common shares of Dacha without complying with the formal take-over bid and early warning requirements of Part XX of the Securities Act. Dacha seeks, among other things, an order of the court that the Bid Group violated Part XX of the Securities Act, by failing to make a formal take-over bid in accordance with section 94 of the Securities Act.
Dacha Strategic Metals Inc. is an investment company focused on the acquisition, storage and trading of strategic metals with a primary focus on Rare Earth Elements. Dacha is in the unique position of holding a commercial stockpile of Physical Rare Earth Elements. Its shares are listed on the TSX Venture Exchange under the symbol “DSM” and on the OTCQX exchange under the symbol “DCHAF”.
Except for statements of historical fact relating to Dacha, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Dacha's ability to trade in rare earth elements, the realization value of Dacha's physical inventory portfolio, proposed investment strategy of Dacha, and general investment and market trends. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Dacha to be materially different from those expressed or implied by such forward-looking information. Although management of Dacha has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Dacha does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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