The applicants, dissident shareholders of Oremex Silver Inc., requisitioned a shareholders' meeting.
The directors called a meeting for November but later postponed it to December, setting a new record date.
Just before the new record date, the directors issued 34.5 million shares to a third party in escrow, significantly diluting the applicants' voting power.
The applicants sought to confirm a meeting they held in November or, alternatively, to change the record date for the December meeting.
The court found the directors validly postponed the November meeting but improperly issued shares to manipulate the voting process for the December meeting.
The court ordered a new record date prior to the share issuance and appointed an independent chair for the December meeting.
