Venus Metals Corporation Limited (ASX:VMC) has reached an agreement to settle the proceedings against Spectrum MD Paul Adams, David Bosio and DJ Carmichael Pty Ltd in connection with the acquisition of the Penny West Gold Project.
The matter was to be heard by the Supreme Court of WA in March and the parties were attending a court-supervised mediation conference in relation to the proceedings.
The terms of the settlement agreement include:
- an order be made that the case be dismissed;
- the payment of a sum of $150,000 by DJ Carmichael (on behalf of DJ Carmichael, Bosio and Adams) to Venus Metals as a contribution to Venus Metals' legal costs; and
- the payment is not made as a settlement sum but is purely a commercial settlement.
$850,000 settlement signed last week
Last week, Venus agreed to settle all claims against Spectrum Metals Limited and Zebra Minerals Pty Ltd arising from Zebra Minerals’ acquisition of the Penny West Gold Project.
Venus, Spectrum and Zebra have entered into a confidential agreement, which includes Spectrum paying to Venus an amount of $850,000.