Taseko Mines Ltd.said April 13 that Raging River Capital LP's C$110 million lawsuit is "without merit" and justanother "proxy contest tactic."
The dissident shareholder group has sued three Taseko directors— Russell Hallbauer, Ronald Thiessen and Robert Dickinson — alleging that they benefitedfrom the 2014 acquisitionof Curis Resources Ltd.to the detriment of other shareholders.
The acquisition of Curis and its Florence copper project in Arizona followed notonly all legal and regulatory requirements but also corporate governance best practices,Taseko said, adding that it will vigorously defend itself from the lawsuit.
In January, Taseko receiveda shareholder meeting requisition notice from Raging River demanding a vote to removethree incumbent directors — the same directors being sued — and to replace themwith four of its own nominees.
The meeting was scheduledfor May 10. Taseko has urged all shareholders to vote against the proposals, arguingthat Raging River's claims are riddled with inaccuracies.