RICHMOND HILL, ONTARIO -- (Marketwired) -- 07/04/13 -- MBMI Resources Inc. ("MBMI" or the "Company") (TSX VENTURE: MBR) is pleased to provide an update on the progress of certain legal proceedings involving the Company's subsidiaries in the Philippines.
On April 17, 2013, the First Division of the Supreme Court in Manila issued a resolution (the "Resolution") in S.C. G.R. No. 205513 entitled Redmont Consolidated Mines Corporation v. Sara Marie Mining, Inc., et al., denying the Petition for Review filed by Redmont Consolidated Mines Corporation ("Redmont").
This Supreme Court case stemmed from the Complaint for Revocation filed by Redmont with the Compliance and Enforcement Division of the Philippines' Securities and Exchange Commission ("SEC-CED") requesting that the certificates of registration of the following companies be revoked: (1) Narra Nickel Mining and Development, Inc. (2) Tesoro Mining and Development, Inc., (3) McArthur Mining, Inc., (4) Sara Marie Mining, Inc., (5) Patricia Louise Mining and Development Corporation, (6) Madridejos Mining Corporation, (7) Bethlehem Nickel Corporation, and (8) San Juanico Nickel Corporation (the "Respondent Corporations"), on the ground that the Respondent Corporations supposedly violated constitutional and statutory restrictions on foreign ownership of corporations engaged in the exploitation, development and utilization of natural resources.
The SEC-CED ruled that all Respondent Corporations are Philippine nationals as defined under Section 3 of the Foreign Investments Act of 1991. On appeal, the SEC En Banc dismissed the case as to the three mining companies (namely, Narra Nickel, Tesoro Mining, and McArthur Mining) without prejudice, but ruled that the case against Sara Marie Mining, Madridejos Mining, Patricia Louise Mining, San Juanico Nickel and Bethlehem Nickel (the "Remaining Respondent Corporations") should be remanded for more information and further proceedings.
The Remaining Respondent Corporations filed their Petition for Review with the Court of Appeals, arguing that the SEC En Banc erred when it dismissed the complaint without prejudice against some but not all Respondent Corporations. This appeal was granted by the Court of Appeals, which also found Redmont guilty of forum shopping. On May 23, 2012, the Court of Appeals reversed the SEC En Banc's Decision; granted the Remaining Respondent Corporations' Petition for Review; and dismissed the case with prejudice. Thus, Redmont's request in the original SEC-CED case was denied. Redmont filed a motion for reconsideration, but the Court of Appeals denied this on January 22, 2013.
Redmont filed a Petition for Review with the Supreme Court (S.C. G.R. No. 205513) assailing the Court of Appeals' Decision dated May 23, 2012 and Resolution dated January 22, 2013. The Supreme Court denied Redmont's Petition for Review on the reasoning that Redmont failed to "sufficiently show that the Court of Appeals committed any reversible error in the challenged decision and resolution as to warrant the exercise of this Court's discretionary appellate jurisdiction." Redmont has fifteen days from receipt of the resolution to file a motion for reconsideration.
For further information relating to the Company, please refer to the Company's website at www.mbmiresources.com.
The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
MBMI Resources Inc.
President and CEO
Most Popular Stories
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Senators Reach Deal on Fannie Mae, Freddie Mac
- GM Recall Poses First Major Test for New CEO
- Deborah Hersman Quits NTSB
- Biden Considers Mediation in Venezuela
- Swedish Journalist Nils Horner Shot Dead in Kabul
- Bob Crow Remembered as Shrewd Champion of Union Workers
- 'Titanfall' XBox Debut Has Microsoft Fired Up
- Job Openings Less Than Expected in January
- El Empleo Rebota: La Columna Cohen