Law360 Canada (January 27, 2023, 6:53 AM EST) -- Motions by the Plaintiff seeking leave to commence an action for secondary market misrepresentation and to certify the claim as a class proceeding. The Defendant issued a prospectus, raised millions of dollars on the market, and went excavating for gold in Nevada. Less than a year later, the Defendant announced the end of that project. The Plaintiff, an investor of the Defendant who had sued for compensation for its loss, brought two motions at once. This shareholders’ action arose out of representations made during the excavation and development of a gold mine. The funds were to be used for corporate purposes and more specifically to advance Relief Canyon towards full commercial production. In a press release, the Defendant advised the market that it was testing a different extraction process at Relief Canyon, and that it was continuing to evaluate options to extract ore. The press release disclosed that Relief Canyon had been experiencing modelling, construction and operational deficiencies which negatively impacted gold recovery and production at the mine. Ultimately, the Defendant reported that Relief Canyon was unable to achieve sustainable production levels. Consequently, the Defendant took impairment and write-off charges against the value of its assets and inventory....