Scorpio Gold Corp. (TSX:V.SGN, Stock Forum) said Wednesday that it, Waterton Global Value L.P. and Golden Phoenix Minerals Inc. (OBB:GPXM, Stock Forum) have entered into a settlement agreement in respect of the litigation commenced by Golden Phoenix against Scorpio and Waterton.
According to the press release, under the terms of the settlement agreement, Scorpio, Waterton and Golden Phoenix have agreed to discontinue the litigation and have fully released each other from any claims or possible claims relating to the litigation.
The settlement agreement was entered into on the same day that the District Court for the County of Washoe issued an order dismissing all claims brought by Golden Phoenix against Waterton. The settlement agreement does not constitute an admission of liability by any of the parties thereto, and Scorpio has not been required to make any payments in connection with the settlement of the litigation.
Scorpio said it will now focus its attentions on the further development of the Mineral Ridge project and to operate the Mineral Ridge project in accordance with good mining practices and the terms of the joint venture operating agreement, with Waterton as its new joint venture partner.
On Wednesday, Scorpio was trading for $0.74 a share. The company has a market cap of $85 million, based on $115 million shares outstanding. The 52-week high and low was $1.09 and $0.64 respectively.