Case Overview: The Ontario Superior Court dismissed a proposed class action against Excelsior Mining Corp. ("Excelsior"), its CEO Stephen Twyerould, and former Chairman Mark Morabito. The case involved alleged misrepresentations in Excelsior’s 2021 prospectus regarding its Gunnison Project, a mining operation in Arizona.

Plaintiff’s Claims: The plaintiff, MM Fund, claimed damages on behalf of all individuals who acquired Excelsior securities during a specified period in 2021. The alleged misrepresentation centered on omitted material facts in the prospectus, violating Ontario securities law.

Procedural Background:

• Initially filed in British Columbia, the case was dismissed there due to jurisdictional issues, as MM Fund, based in Ontario, was deemed not a resident of BC.
• Following the BC dismissal, the plaintiff refiled the action in Ontario to preserve the limitation period.
• Without a substitute plaintiff and facing high costs, MM Fund decided not to continue.

Court’s Decision: The court agreed to dismiss the action with prejudice (permanently) and without costs, as there was no longer a basis to continue. The court approved the dismissal notice and dissemination method to inform potential class members about the case’s end.

Impact: Limitation periods related to this case are now active again, potentially affecting class members' ability to bring related claims.

No monetary award specified.