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Case Number: CV-26-00003495-00CP
Practice Area: Canada Securities Investor Protection
Court: Ontario Superior Court of Justice
Ticker Symbol: TSX: GLO; US OTC: GLATF; FRA: G12
Class Period Start Date: 10/11/2023
Class Period End Date: 23/01/2025
CUSIP: 37957M106
ISIN: CA37957M1068
Status: Leave to proceed scheduled
June 5, 2026 – Leave to proceed scheduled for September 28-30, 2027, at a case conference before Justice Leiper.
February 19, 2026 – Statement of claim issued
Case Background
This class action represents investors who acquired Global Atomic Corporation (“GLO”) securities between November 10, 2023 and January 23, 2025, and held them through at least one Public Corrective Disclosure.
GLO is a publicly traded Ontario mining company whose Dasa Project in Niger was to be financed in part through a loan facility from Export Development Canada (“EDC”) and the U.S. International Development Finance Corporation (“DFC”). Despite Canadian and U.S. concerns about Niger beginning in 2023, GLO continued reassuring investors that its DFC/EDC loan was progressing toward approval, without timely disclosure of unresolved concerns raised by the DFC.
On July 16, 2024, GLO disclosed that DFC approval was being postponed, citing unanswered questions. Shares fell 17.3%, from $2.02 to $1.67. On January 23, 2025, GLO retracted earlier statements suggesting DFC approval was nearing completion, confirming the DFC’s concerns had never been resolved. Shares fell a further 31.9%, from $0.94 to $0.64.
The action alleges these losses resulted from GLO’s negligent omission of material facts from its public disclosures.
