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British Columbia Supreme Court rules on AB Mining lawsuit against Global Gaming, Metaverse

The dispute involved an asset purchase agreement for bitcoin mining equipment in April 2018 byGlobal Gaming and Metaverse from AB Mining

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At issue was a period of grace to delay the transfer of shares agreed to by AB and the companies but never officially put into the contract

Global Gaming Technologies Corp (CSE:GGAM.U) (OTCMKTS:BLKCF), a Vancouver-based gaming company, announced late Friday that the British Columbia Supreme Court has issued a ruling in the case brought against the company by AB Mining Limited. 

The dispute involved an asset purchase agreement for bitcoin mining equipment in April 2018 by the company and Metaverse Capital Corp (CSE:FORK) (OTCMKTS:GBCH) from AB Mining. 

At the time of the agreement, Metaverse — then known as Global Blockchain Mining Corp — was not yet listed on the CSE, but the deal was to pay C$37.5 million worth of shares once the listing was complete or by June 15.

READ: Global Gaming Technologies consolidates shares, changes ticker

The CSE listing was delayed, and according to agreement, that meant AB would instead receive shares of Global Gaming — then known as Global Blockchain Technologies Corp. 

At issue in the case is a period of grace to delay the transfer of shares agreed to by AB and the companies but never officially put into the contract. On June 14, according to case documents, AB sent a letter that calculated the price of the agreement at nearly 63 million Global Gaming shares. 

Following the grace period and Metaverse’s listing on the CSE, the companies paid roughly 63 million Metaverse shares, which was the original deal. However, those shares were worth less in value.

The companies said in case documents that they believed the grace period applied to Metaverse shares and constituted a modification of the agreement. AB later brought suit alleging breach of contract.

On August 13, the Supreme Court of British Columbia ruled against Global Gaming and Metaverse, finding that AB was entitled to a yet undetermined amount of damages.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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