The case involved a contractual dispute relating to a failed amalgamation and reverse-takeover transaction. NST argued that a related facilitation agreement provided Precursor an entitlement to shares, structured as a share exchange, in the event the RTO did not proceed as planned and that Precursor’s share entitlement had been triggered. Hydrx argued that the share exchange was valueless to Precursor and that Precursor had failed to trigger its entitlement. Madam Justice Matthews found in favour of Precursor and ordered specific performance of the facilitation agreement, including the share exchange.
