The appellant challenged a trial judgment arising from an intended amalgamation and reverse takeover transaction designed to achieve business objectives for both corporations, including a stock exchange listing.
The Court of Appeal upheld the finding that the February 21, 1990 contract was binding and enforceable, and rejected the argument that the public float requirement operated as a condition precedent.
The court accepted the trial judge’s credibility findings that the appellant knew of the requirement, could have satisfied it, but instead failed to use best efforts and made compliance impossible through undisclosed agreements.
The appeal was dismissed with costs.
