12/11/2019 - 14:54

Spectrum defends VMC’s claim

12/11/2019 - 14:54

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Spectrum Metals announced it has filed and served its defence to a claim from Venus Metals Corporation in relation to Spectrum’s acquisition of DJ Carmichael’s Penny West gold project in Western Australia.

Spectrum defends VMC’s claim
Spectrum says it engaged in negotiations to acquire Penny West more than six months prior to alleged discussions between Venus Metals and DJ Carmichael.

Spectrum Metals announced it has filed and served its defence to a claim from Venus Metals Corporation in relation to Spectrum’s acquisition of DJ Carmichael’s Penny West gold project in Western Australia.

Last month, Venus Metals alleged breaches of fiduciary duty and confidence, and misuse of information that it provided to DJ Carmichael executives Davide Bosio and Paul Adams.

In a statement on the company’s website, Spectrum chairman Alexander Hewlett said Mr Bosio and Mr Adams denied Penny West was discussed during meetings between DJ Carmichael and Venus Metals.

“I was personally involved in all negotiations leading to the company’s acquisition of Penny West, which I commenced in 2017,” Mr Hewlett said.

Venus Metals Corporation brings its claim for a constructive trust with no knowledge of how Spectrum came to acquire Penny West, which has now been set out in our defence.”

Today, Spectrum listed the primary grounds of its defence on its website.

The defence said Spectrum, through Mr Hewlett, was actively engaged in negotiations to acquire Penny West more than six months prior to the alleged discussions between Venus Metals and DJ Carmichael.

Spectrum also said the circumstances and material facts alleged by Venus Metals in its claim does not give rise to judiciary or confidentiality duties between DJ Carmichael and Venus Metals.

Spectrum said there was therefore no breach of these duties.

Also in its defence, the company said Venus Metals had no entitlement to a constructive trust over Penny West given Venus Metals asserts that a separate company was to acquire Penny West, not Venus Metals.

The next stage in the proceedings is a strategic conference, which is scheduled to take place in the Supreme Court on November 22.

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