Updates
January 3, 2024: This proposed class action has been expanded to include a putative class of investors who invested in the securities of PureGold, whether in the primary market or in the secondary market, between March 31, 2021 and October 21, 2022. For further details regarding class membership criteria, see the below.
Summary
This is a securities class proceeding against Pure Gold Mining Inc. (TSXV: PGM, OTCMKTS: LRTNF, LON: PUR), certain of its current and former directors and officers, and the underwriters for PureGold’s offerings in May and September 2021 and February 2022. The action alleges that the Defendants failed to properly disclose the company’s operational and financial problems at its sole material project, the Pure Gold Mine, located in Red Lake, Ontario.
Class Membership Criteria
This securities class proceeding has been brought on behalf of all persons and entities, wherever they may reside or may be domiciled, who purchased or otherwise acquired the securities of PureGold in any of the primary market Offerings and/or in the secondary market between March 31, 2021 and October 21, 2022, inclusive, and held some or all of such securities as of the release of a Corrective Disclosure, except the Excluded Persons.
For the purposes of the proposed Class Definition, the Offerings are as follows:
a. the May 2021 Offering: the $17.3 million offering of PureGold’s Flow-Through Shares pursuant to a Short Form Prospectus dated April 28, 2021 at the selling price of $1.52 per Flow-Through Share;
b. the September 2021 Offering: the $23 million offering of PureGold’s Units pursuant to a Short Form Prospectus dated September 21, 2021 at the selling price of $1.05 per Unit. Each Unit consisted of one common share and one-half of one common share purchase warrant; and
c. the February 2022 Private Placement: the brokered $14 million offering of PureGold’s common shares at a price of $0.53 per common share.
For the purposes of the proposed Class Definition, the Corrective Disclosures are as follows:
a. PureGold’s March 28, 2022 News Release titled “PureGold Mine Operations Update and 2022 Corporate Outlook,” and its associated FY 2021 Annual Disclosures; and
b. PureGold’s October 24, 2022 News Release titled “PureGold Provides Financial and Operations Update.”
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