GIANT BAY RESOURCES LTD. IS SERVED SUMMONS AND STATEMENT OF CLAIM BY JEFFREY AND ASSOCIATES INC.
VANCOUVER, B.C., Dec. 1 /PRNewswire/ -- Giant Bay Resources Ltd. ("Giant Bay") of Vancouver, today announced that it has been served with a Writ of Summons and Statement of Claim by Jeffrey Pinder and Associates Inc., the trustee of the Estate of Willows Golf Corporation ("Willows"), a Bankrupt, alleging a loan of $1,750,000 from Willows to Giant Bay on Jan. 26, 1990, repayment of which is now overdue or which is repayable upon demand. The Statement of Claim alleges demand for payment, neglect and/or refusal to honor the demand. Giant Bay said it has no loan outstanding with Willows and has never received notice or reasonable demand of repayment of any loan from Willows, or the Trustee in Bankruptcy. The Trustee for Willows obtained a Garnishing Order Before Judgment, and Giant Bay's Bankers have paid into the Supreme Court of British Columbia the sum of $1,646,416.07. Giant Bay has instructed its solicitors to move to set aside the Garnishee and Statement of Claim and Counter-claim for damages. -0- 12/1/93 /CONTACT: Catherine Stauber, corporate secretary of Giant Bay, 604-685-8880/ (GBY.)
CO: Giant Bay Resources Ltd. ST: British Columbia IN: MNG SU:
GK-PS -- NY048 -- 9194 12/01/93 10:58 EST