DDD 10.0% 0.6¢ 3d resources limited

As announced on 25 June 2018, 3D Resources Limited (“the...

ANNOUNCEMENT SPONSORED BY PLUS500
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM
CFD Service. Your Capital is at risk
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
ANNOUNCEMENT SPONSORED BY PLUS500
CFD TRADING PLATFORM CFD Service. Your Capital is at risk
  1. 15,831 Posts.
    lightbulb Created with Sketch. 216
    As announced on 25 June 2018, 3D Resources Limited (“the Company”) has served termination
    notices under the Subscription and Venture Agreements, the Umbrella and Management
    Agreements which collectively govern the Company’s investments in the Morne Bossa and
    Grand Bois projects in Haiti (“the Agreements”) to its Haitian counterparties (“the
    Counterparties”).
    These notices seek recovery in accordance with the terms of the Agreements entered into of all
    expenditure to date totalling USD$887,316 together with damages for loss estimated at
    $32,576,400 having regard to valuation estimates provided by the Counterparties while the
    Agreements were being negotiated. In response, the Company has received correspondence
    making certain allegations against the Company, purporting to terminate the Agreements and
    providing a preliminary estimate of loss and damages of $132,113,245. The Company believes
    the claims made by the Counterparties are without merit and unsubstantiated. Further, the
    Company is of the view that the Agreements have already been terminated by the Company.
    The Company is continuing active negotiations with the Counterparties with the view to resolve
    the situation on commercially acceptable terms, including, potentially, pursuant to a mutual
    release.
 
watchlist Created with Sketch. Add DDD (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.