GREY:HRIVF - Post by User
Post by
bart_dcon Jun 06, 2011 10:47am
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Post# 18675288
good news
good news
Good news, this was the lawsuit that prevented our 3rd party holdings to be released by Royal Gold.
Although the holdings are already released, unless I'm wrong there's a 2.4 million benefit for HRG because 3.7 million was in the books as accounts payable and in the settlement, only 1.35 million has to be paid.
Nice!
High River Gold Mines Ltd. ("High River") (TSX: HRG) announces that it has agreed to settlement terms with its former contractor, Senet CC ("Senet"), in respect of a previously disclosed action brought against Somita SA ("Somita"). As disclosed most recently in High River's annual information form dated March 31, 2011, a claim regarding services which were delivered to Somita by Senet, but for which payment is still outstanding, was filed against Somita before the arbitrator in South Africa in 2009. The aggregate amount of the claim was US$3.7 million and High River filed a statement of defense and counterclaim against Senet for damages. The settlement agreement with Senet provides for full and final settlement of Senet's claim against Somita and any and all claims between Senet and Somita arising out of the written agreement between the parties dated February 3, 2006 for a settlement amount of US$1,350,000 paid to Senet.