January 28, 2015, BC: Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”-Frankfurt) (“TEUTF”—OTCBB) would like to provide the following additional information regarding the execution proceedings recently undertaken by American Creek Resources (“AMK”) to collect a debt of $321,712
On January 16, 2015, Teuton sent a letter to the Court of Appeal scheduler (AMK’s counsel also received a copy), requesting information on the availability of a justice to preside over a hearing for a Stay of Execution on costs awarded against Teuton pursuant to the trial adjudicated by Justice Grauer of the BC Supreme Court in respect of the Treaty Creek property. The Court of Appeal scheduler informed Teuton the following day that it could hear the Stay of Execution on January 30.
Teuton sent several communications to American Creek’s counsel to confirm whether or not the January 30 date would work for him but received no answer until January 21. Teuton filed the requisite material with the Court of Appeal for a Stay of Execution on January 22, 2015.
Pursuant to the Court Order Enforcement Act, AMK began proceedings resulting in a Bailiff of the British Columbia Supreme Court seizing all of the mineral tenures registered to Teuton at the Mineral Titles Branch in Vancouver on January 24, 2015. Teuton’s bank account was also garnisheed, with any monies collected being paid into court.
Teuton was not served with any papers to the effect of the garnishment order or the seizure of its mineral claims. Teuton only become aware of the garnishment from its bank and the seizure of its claim from an automated message from Mineral Titles Online, indicating that a transfer had been initiated to the Court Bailiff.
The Court Order Enforcement Act provides that any property seized as a result of execution proceedings may be sold at auction, subject to the approval of the court, to the maximum of the debt owing. The Bailiff has the responsibility to adequately advertise the property for a reasonable period before sale.
This enforcement action came as a surprise to the corporation as American Creek’s solicitor had previously informed Teuton’s solicitors in a December 23rd, 2014 letter that the Corporation would wait until January 31st, 2015 before taking such action.
As previously stated, a hearing for a Stay of Execution will be heard at the Court of Appeal on January 30, 2015. AMK was aware that Teuton would be applying for a Stay before it chose to initiate execution proceedings. If granted, any debt owing will not become payable until after Reasons for Judgement in the Appeal are released, and only in the event the appeal is unsuccessful. The Company plans to release the result of the Stay of Execution hearing immediately after a decision is announced, expected to be the same day it is heard.
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.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
