RE:Anything new???
Jlackowski wrote: Has anyone heard anything yet? I emailed Dan and all I got was the press release from March. I'm a positive person, I own other mining companies and they are trading doing fine.
This is from Cougars Quarterly Activities report. Best DNI update I have seen in a long time!
Vohitsara Graphite Project, Madagascar
DNI Metals Inc Settlement Pursuant to an arbitration ruling of 7 December 2019 DNI Metals Inc is liable for payment of the full outstanding amount of CAD 2.25M pursuant to an agreement dated 24 September, 2018.
DNI Metals Inc. continues to attempt to delay any payments to Cougar by any means possible including alleging default of the Settlement Agreement. Cougar no longer recognises DNI as having any right to issue default notices.
In a March 30, 2020 release to the market, DNI advised of criminal convictions against the former manager of DNI’s Malagasy subsidiaries Mr Steven Goertz and the CEO (and acting CFO) Mr Dan Weir in Madagascar.
Mr Goertz remains the Resident Manager of the DNI subsidiaries holding Vohitsara and other Malagasy assets of DNI, the claims against Mr Goertz, if true, would jeopardise the security of these assets putting them at risk of suspension and/or forfeiture, and ultimately Cougar’s attempt to enforce it’s Settlement Agreement. However, Cougar has been unable to verify DNI’s claims against Mr Goertz.
The issue of the outstanding PE mining licence over Vohitsara is critical to the recovery of monies owed to Cougar, by DNI, and Cougar has been advised that until Mr Weir’s conviction is overturned or Mr Weir is replaced, the issuance of the mining permits is unlikely to take place. As such, Cougar continues to monitor DNI’s progress in resolving these issues and will instigate enforcement proceedings at an opportune time.