Le Lézard
Classified in: Mining industry
Subject: LAW

Rusoro Mining Completes Funding Agreement and Ramps Up Enforcement and Collection Efforts


Trading symbol (TSX-V):  RML

VANCOUVER, Jan. 16, 2018 /CNW/ - Rusoro Mining Ltd. (the "Company" or "Rusoro") is pleased to announce that it has closed on a Funding Agreement that provides the Company with additional litigation funding of up to USD $7M. The Company intends to use the funds in its continuing efforts to enforce the USD $1.3 billion arbitration award it was awarded as a result of Venezuela's unlawful expropriation of its mining operations in that country. Venezuela has steadfastly refused to pay the arbitration award, which was issued on August 22, 2016 by a tribunal operating under the Additional Facility Rules of the World Bank's International Centre for the Settlement of Investment Disputes.

Andre Agapov, the CEO of Rusoro stated "we have grown increasingly frustrated in our attempts to come to an amicable and fair resolution of this matter with the Government of Venezuela.  We have had a number of face to face meetings with various Venezuelan Government officials, including the Attorney General as well as the current and former Minister of Mines but, we have yet to receive a meaningful settlement offer. The proposals Venezuela has put forth have been unrealistic particularly in light of the fact that our Award is accumulating interest at the rate of approximately USD $80M per year.

We plan to move vigorously against Venezuelan assets throughout the world. We have hired Diligence, a well-known international asset recovery firm, and we will be seeking to enforce the award in multiple jurisdictions with the help of King & Spalding as well as local counsel. We have commenced proceedings in courts in Washington, DC to obtain judgments on the Award; these judgments will reinforce the judgment ? for the full amount of the Award ? that Rusoro has already obtained in Canada, and which it is now seeking to domesticate in New York. 

 ON BEHALF OF THE BOARD

"Andre Agapov"

Andre Agapov, President & CEO

Forward-looking statements:

This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Rusoro Mining Ltd.


These press releases may also interest you

at 09:05
Global diversified manufacturing leader Milliken & Company today announced that it received an A- rating in the climate change category of the 2023 CDP, a comprehensive environmental disclosure platform....

at 09:00
DCK TOOLS (DongCheng company), a trusted supplier and innovator of professional power tools made its first appearance at the National Hardware Show (NHS) 2024 held in Las Vegas. NHS is a premier industry event that connects experts, customers and...

at 09:00
Highlander Silver Corp. (the "Company" or "Highlander Silver") announces that the closing of the share purchase agreement dated November 29, 2023 (the "Share Purchase Agreement") with SSR Mining Inc. ("SSR...

at 08:55
Reunion Gold Corporation (the "Company") is pleased to announce additional drill results from its ongoing infill and step out drill program at the Kairuni zone on its Oko West project in Guyana. Hole D-380, which is located in Block 6 (see Table 1...

at 08:47
The Fabricator Podcast, a product of Fabricators and Manufacturers Association (FMA) and The Fabricator, North America's leading magazine for the metal forming and fabricating industry, has been recognized as a two-time Gold winner for podcasting in...

at 08:35
First Quantum Minerals Ltd. ("First Quantum" or "the Company") will release first quarter 2024 financial and operating results on Tuesday, April 23, 2024 after the close of the Toronto Stock Exchange. The Company will host a conference call and...



News published on and distributed by: