Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings against Serge Ollu, Michel Demontigny, Patrick Lessard and Yannick Lessard which include 10 charges of market manipulation (influencing or attempting to influence the market price or value of securities of Excel Gold Mining Inc.) making misrepresentations and illegal distribution.
All the alleged contraventions of the Securities Act relate to Excel Gold Mining Inc., formerly known as Tom Exploration Inc. The company declared that it carried on business in the field of prospection services and geophysical and geodesic surveys, and more specifically mining exploration.
Excel Gold Mining was listed on TSX Venture Exchange under the symbol EGM and was delisted in October 2012.
Serge Ollu is facing three counts of conspiracy (market manipulation), market manipulation and misrepresentations. Three similar charges have been laid against Michel Demontigny. Messrs. Ollu and Demontigny acted as consultants for the above-mentioned company.
Patrick Lessard is facing one count of making misrepresentations and one count of market manipulation. He was a director and Vice-President of Excel Gold Mining.
Lastly, Yannick Lessard is facing two counts: one for illegal distribution and another for market manipulation.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
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