18/06/2018 - 15:02

Empire has Supreme Court win

18/06/2018 - 15:02

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Empire Resources has had a win in the Supreme Court of Western Australia, after an injunction order sought by the company’s joint venture partner, Brimstone, relating to an overdue payment was dismissed today.

Empire holds a 60 per cent interest in the Penny’s Find gold mine.

Empire Resources has had a win in the Supreme Court of Western Australia, after an injunction order sought by the company’s joint venture partner, Brimstone, relating to an overdue payment was dismissed today.

Perth-based Empire holds a 60 per cent interest in the Penny’s Find gold mine, with Brimstone owning the remaining 40 per cent.

Empire says it is owed $1.1 million by Brimstone for unfunded contributions and interest relating to development costs for the Penny’s Find mine.

Brimstone had sought an injunction to prevent Empire taking action under the mortgage and security documents it has over Brimstone's interest in the PFJV and other property.

“The matter was heard before the Supreme Court earlier today and the presiding Judge has dismissed the injunction brought about by Brimstone,” Empire said in a statement to the ASX today.

Parties related to Brimstone are also part of the group of dissident shareholders that are seeking a board overhaul, including the removal of managing director David Sargeant.

“The directors note that Paul Williams and Peter McDonald are associated with some of these abovementioned shareholders and are also associated with Brimstone Resources, the company’s joint venture partner in the Penny’s Find Mining joint venture,” Empire said in a statement in May.

Shares in Empire finished down 12.5 per cent at 1.4 cents each.

 

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