Fremantle-based Cell Aquaculture has launched Supreme Court proceedings against South Perth-based mineral explorer Excalibur Mining Corporation Ltd, demanding payment of $500,000 from Excalibur.
Fremantle-based Cell Aquaculture has launched Supreme Court proceedings against South Perth-based mineral explorer Excalibur Mining Corporation Ltd, demanding payment of $500,000 from Excalibur.
In a statement released to the market, Excalibur said the proceedings were in relation to moneys which Cell alleges was advanced to Excalibur in or about July 2005.
Excalibur denies that Cell advanced $500,000 or any moneys and said the proceedings will be vigorously defended.
Excalibur notes that Cell, in its claim, admits that it made a payment of $500,000 to Quest Investments Limited, which Excalibur said is not associated with them or any of its directors.
Shares in Cell and Excalibur closed at 23 cents and 1.3 cents respectively.