January 26, 2014, BC: Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”-Frankfurt) (“TEUTF”—OTCBB) would like to provide the following litigation update concerning the action with American Creek Resources in respect of the Treaty Creek property. On January 19, 2015 Justice Grauer directed, pursuant to an Order Made After Application, that Teuton’s remaining share of party-and-party costs and disbursements (after a payment of $300,000 which has already been made) is assessed at $321,712. Special costs will be in addition to this amount and will be determined after taxation of the account by the Registrar.
American Creek has begun execution proceedings seeking to collect the debt owing.
Teuton fears that in the event the appeal is successful that any payments made on account of costs will not be returned, considering that American Creek is currently heavily in debt. According to its latest interim financial statements for the period ended Sept. 30, 2014, American Creek had a working capital deficiency of $2,474,908.
As such, the Company has filed a motion for a Stay of Execution on the costs payment set to be heard in Chambers at the Court of Appeal on January 30th, 2015. If granted, all monies owing to American Creek on account of costs will only become payable after the Reasons for Judgment in the appeal are released.
The appeal hearing is set to be heard beginning March 8, 2015.
Respectfully:
“Dino Cremonese, P.Eng.”
President,
Teuton Resources Corp.
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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.
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information contained herein.
