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James Bay Resources Limited (CSE: JBR) announced an unfavorable Court of Appeal decision regarding its legal claims against Mak Mera Nigeria Limited and Wale Sola. The appeal reversed a previous ruling where James Bay was awarded $405,000 in repayment and $200,000 in defamation damages.
The Court significantly reduced the defamation damages to just $1,000 and reversed the previous $309,401.91 costs award. Additionally, James Bay must now pay $400,000 in trial costs and $50,000 in appeal costs. The company retains the right to seek leave to appeal to the Supreme Court of Canada.
