The Plaintiffs, judgment creditors of 798839 Ontario Limited ("39"), brought a motion for partial summary judgment seeking a declaration that 39 held a valid and subsisting interest in mining claims under a 1988 option agreement with Great Lakes Nickel Limited ("GLN").
The Plaintiffs argued that 39 had acquired an 80% interest or, alternatively, a 60% interest, despite only expending approximately $1.6 million of the required $2 million.
The court, interpreting the plain wording of the option agreement, found that 39 was required to invest the full $2 million to acquire an 80% interest, failing which the option terminated and 39 acquired no interest.
The court dismissed the Plaintiffs' motion, granting summary judgment in favour of GLN on this issue, while declining to address other issues like limitations due to the partial nature of the summary judgment.