November 27, 2014, Vancouver, BC: Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”-Frankfurt) (“TEUTF”—OTCBB) reports that on Nov. 26, 2007 Mr. Justice Grauer of the BC Supreme Court delivered Reasons for Judgment on costs issues arising from the action between American Creek Resources Ltd. [“American Creek”] as plaintiff and Teuton Resources Corp. as defendant. The Reasons for Judgment will be posted on the court website indexed as 2014 BCSC 2214 (http://www.courts.gov.bc.ca/supreme_court/index.aspx#).
American Creek was seeking costs orders of about $2,000,000 for legal fees, plus taxes, plus $378,000 in disbursements, for the entire proceeding, which included 44 trial days and 26 discovery days, as “special costs.” Alternatively, it sought orders for double costs, an “uplift” by way of increased costs or other costs orders beyond the ordinary tariff of costs.
Teuton opposed the application.
Justice Grauer concluded that an award of special costs for the entire proceeding would not be proportionate. He awarded American Creek ordinary (party-and-party) costs of the proceeding, agreed at 1100 units, assessed at Scale C ($170 per unit), subject to:
- American Creek receiving a “partial special costs” award for 4 days of court time, 2 days of discovery time, and 4 days for the special costs hearing, plus applicable preparation time for those; and
- The Scale C value of any units included in the 1100 units that are attributable to these partial special costs steps shall be deducted from the partial special costs.
He directed that the partial special costs award be assessed by the registrar of the court, who he expects to award special costs of that assessment. American Creek was also awarded additional costs of $30,600 relating to admissions at trial that Teuton did not make. American Creek’s claims for a costs “uplift” and for double costs were dismissed. American Creek is also entitled to disbursements and tax on same in the agreed amount of $378,000.
American Creek and Teuton had agreed prior to the costs hearing that the number of tariff units to be used if ordinary costs were awarded would be 1100, which, at Scale C, amounts to $187,000 plus taxes. The amount of partial special costs will be determined at a later date either by agreement of the parties or be assessed by the registrar. Given the steps in the partial special costs award, about $14,280 plus taxes for those items will be deducted from ordinary costs, leaving about $172,720, plus taxes of $20,726.40. Adding the additional costs of $30,600 plus taxes and disbursements plus taxes of $378,000, leaves a total of about $605,718. Teuton has already paid American Creek an advance on costs of $300,000, leaving a balance of about $305,718 plus the partial special costs award yet to be assessed.
Teuton’s appeal of the trial judgment is scheduled for hearing commencing January 19, 2015. Teuton is seeking an order in the appeal setting aside the trial judgment, including any costs orders relating to it, and awarding Teuton 100% of the Treaty Creek property, plus its costs throughout. Alternatively, Teuton seeks an order setting aside the trial judgment and ordering a new trial, and setting aside any costs orders relating to the trial judgment.
“Dino Cremonese, P.Eng.”
Teuton Resources Corp.
If you would like to be added to Teuton’s news distribution list, please send your email address to email@example.com.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
|The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.