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Cobaltech to take legal action re Cobalt refinery
2017-05-04 06:21 ET - News Release
Mr. Bruce Bragagnolo reports
COBALTECH ANNOUNCES LEGAL ACTION REGARDING COBALT REFINERY
Cobaltech Mining Inc. intends to commence legal proceedings seeking damages and a proprietary interest in a refinery located in North Cobalt, Ont., owned by 36569 Yukon Inc.
On April 26, 2017, Equator Resources Ltd. announced that it had entered into an asset purchase agreement with Yukon and its parent company, Yukon Refinery AG, in respect of the property. Each of Equator and Yukon are or have been parties to agreements with Cobaltech relating to the property. Cobaltech believes that the agreement announced by Equator on April 26, 2016, was negotiated and entered into in breach of both Equator's and Yukon's obligations to Cobaltech.
Cobaltech intends to commence legal proceedings against both Equator and Yukon seeking damages and a declaration that any interest in the property acquired by Equator is held in a constructive trust for the benefit of Cobaltech.
About Cobaltech Mining Inc.
Cobaltech is a North American cobalt company with assets in Ontario, Canada. The company owns the Duncan Kerr property located outside of Cobalt, Ont. The company also recently acquired the Werner Lake East cobalt property near Kenora, Ont., Canada.
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