BCSC alleges fraud by three former Panterra directors

2009-01-09 08:38 ET - News Release

See News Release (C-*BCSC) BC Securities Commission

Mr. Ken Gracey of the BCSC reports

BCSC EXECUTIVE DIRECTOR'S BULLETIN: SECURITIES REGULATOR GIVES NOTICE OF A HEARING INTO ALLEGED FRAUD AND FALSE FILINGS

The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that three former directors of a TSX Venture Exchange issuer committed fraud and made false filings to the commission.

The notice of hearing alleges that Andrew Gordon Walker and Dale Michael Paulson, both B.C. residents, and Giuliano Angelo Tamburrino, an Edmonton, Alta., resident, misappropriated $136,380.98 by fraudulently obtaining Panterra Resources Corp. securities and proceeds from a finder's fee when they were directors of the company.

In a series of required filings with the BCSC, the three men and Panterra claimed the company spent $136,455.97 on property expenses and the finder's fee. The notice alleges this disclosure was false and misleading.

Panterra is an Alberta corporation that lists its securities on the TSX Venture Exchange. It has been under new management, officers and directors since April, 2006.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Tuesday, Jan. 27, 2009, at 9 a.m.

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