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Altai Resources ( (TSE:ATI) ) just unveiled an update.
Altai Resources Inc. has announced a significant update regarding its ongoing litigation in Quebec. The company, which had filed a claim against the Government of Quebec for the expropriation of its oil and gas exploration assets, is facing financial challenges in continuing the legal battle. Altai’s legal counsel has ceased representation due to the high costs, and the company has opted not to appoint a new one, citing the futility of seeking justice in Quebec. Despite proposing a cost-effective ‘Test Cases’ approach to move the proceedings forward, the Defendants have rejected this proposal, leaving Altai financially strained. Additionally, the Defendants have filed a motion seeking security for costs, further threatening Altai’s financial stability. The company views abandoning legal representation as the only viable option to prevent further financial erosion.
More about Altai Resources
Altai Resources Inc. is a Toronto, Ontario-based resource company with an oil property in Alberta and a Canadian investment portfolio comprised of cash and cash equivalents.
Average Trading Volume: 116,271
Technical Sentiment Signal: Buy
Current Market Cap: C$4.2M
For a thorough assessment of ATI stock, go to TipRanks’ Stock Analysis page.