For the reasons below, I grant leave to proceed to Kauf on
both of the opposed issues. I also grant leave to proceed on the
claims which are not opposed.
 Kauf is the representative plaintiff on behalf of a proposed
class of shareholders seeking leave under s. 138.8(1) to bring the
statutory secondary market misrepresentation claims. Between
July 1, 2016 and January 30, 2017, Kauf purchased 340,000
shares of Colt’s common stock on the Frankfurt Stock Exchange.
He owns a total of 1,250,000 shares.
 Colt is a mining company incorporated pursuant to the
Canada Business Corporations Act, R.S.C. 1985, c. C-44. Its
shares are listed on the TSX Venture Exchange and the Frankfurt Stock Exchange.
 Colt is a reporting issuer in Ontario, Quebec, Alberta and
British Columbia. Colt is a “responsible issuer” as defined in
 In the Q2 and Q3 MD&As, Colt described itself as an
exploration stage company focused on the acquisition, exploration
and development of mineral properties in Portugal.
 Perrault was the president and chief executive officer
(“CEO”) of Colt throughout the alleged class periods until
December 21, 2016.
 Jaffrey was the chief financial officer (“CFO”) of Colt
throughout the alleged class periods.
 Tai was a director of Colt and a member of the Audit
Committee and the Independent Committee of Colt Resources
Middle East (“CRME”) at all times relevant to this action.
 Yeou was a director of Colt and a member of the Audit
Committee and the Corporate Governance Committee8 throughout the alleged class periods.
 The misrepresentation claims against Tai and Yeou, pursuant to an agreement between the parties in respect of the
plaintiffs’ motion to amend the statement of claim,9 relate only to
the Q2 and Q3 2016 Disclosures.
could provide additional submissions. Both Kauf and Colt filed additional
factums on the Public Correction Issue prior to the return of the motion on
March 6, 2019.
8 Both Tai and Yeou were also members of other committees at Colt.
9 On consent, I ordered leave to amend the statement of claim at the outset
of this hearing.