Maudore Minerals Ltd. v. The Harbour Foundation, 2012 ONSC 4255

In this case, the Ontario Superior Court of Justice (ONSC) considered, among other matters, the alleged misuse of confidential information by a shareholder who sought to nominate a new slate of directors, and ultimately succeeded in avoiding injunctive relief to prevent it from doing so.

Maudore Minerals Ltd. (Maudore) is a Canadian mining corporation with its shares listed on the TSX Venture Exchange. It has mining projects in Québec, including the Comtois gold project near the town of Val-d'Or. The largest shareholder of Maudore was The Harbour Foundation (Foundation) and City Securities Limited (largest shareholder), which together owned approximately 18.4% of Maudore shares. With support of the second largest shareholder, the largest shareholder nominated, and planned to vote for, a new slate of directors. On the eve of the annual and special meeting of shareholders, Maudore brought a motion to enjoin the largest shareholder from voting its shares and from