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.
DDD Price at posting:
0.4¢ Sentiment: None Disclosure: Held
