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Ontario Court Confirms Binding Nature of Bought Deal Engagement Letters
The Ontario Superior Court of Justice (Commercial List) recently confirmed the binding nature of bought deal engagement letters when it awarded a judgment of $16,042,669 plus interest and costs in favour of Stetson Oil & Gas Ltd. (TSXV: SSN), a junior oil and gas exploration company, and against Thomas Weisel Partners Canada Inc. (now Stifel Nicolaus Canada Inc.) (“Weisel”), an investment bank and a securities dealer, for Weisel’s failure to close a bought deal private placement pursuant to an engagement letter with Stetson.