Rockwell Diamonds Wins Court Battle
June 09, 09
A decision by the Supreme Court of British Columbia handed a victory to Rockwell Diamonds over Pala Investments Holdings Limited as their petition was s denied. The petition filed by Pala requested the court to strike down the executives directors' proxy for an upcoming June 17 shareholder meeting.
In a statement issued following the ruling, Rockwell Chairman, David Copeland said "Pala's attempt to have our Green Proxy withdrawn was an underhanded way of stifling the dissenting voices against Pala's brazen attempt to indirectly take control of Rockwell. This has been yet another Pala roadblock intended to distract us from running our business and further depletes the Company's treasury."
Rockwell is focused on mining alluvial diamond deposits, mainly deposits which have consistently yielded high value gemstone diamonds. Plus 2-carat stones comprise over 65 percent of the company's production.