Business
Ekeko S.A. Unilaterally Purports to Terminate Option Agreement with A.I.S. Resources
VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V: AIS, FRA: 5YHA) (the “Company” or “AIS”) today announced that Ek
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 08, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V: AIS, FRA: 5YHA) (the “Company” or “AIS”) today announced that Ekeko S.A. (Ekeko) has unilaterally declared the Exploration and Purchase Option Agreement between AIS and Ekeko, dated June 10th, 2021 to be terminated for alleged breach of contract by AIS. AIS rejects the allegation of breach and rejects Ekeko’s purported termination of the Agreement. AIS validly exercised the option on Pocitos 1 prior to the contractual deadline of June 30th. Furthermore, Ekeko breached the Agreement by (i) refusing in bad faith to honour the option exercise, and (ii) failing to obtain the mandatory legal certificates to prepare and execute the Transfer Deed for the Pocitos 1 property, as required under the Agreement. The Pocitos 1 property was further optioned by AIS to Spey Resources Corp. (CSE: SPEY). As a result of this breach by Ekeko, AIS was unable to perform its obligations under its option agreement with Spey. Monies placed in trust by Spey with AIS to complete the option exercise have been returned to Spey. Andrew Neale, President & CEO of AIS commented, “We are at a loss to understand the actions of Ekeko. We proceeded on a good faith basis to live up to our side of the agreement and believe that AIS is in full compliance with the June 2021 Exploration and Option Purchase Agreement.” As a result of the financial harm this has caused AIS, AIS intends to aggressively pursue its legal remedies in Argentina and takes the position that Ekeko is unable to transfer good title to the property free from the AIS claim. About A.I.S. Resources Limited A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on natural resource opportunities. AIS’s value add strategy is to acquire early-stage projects and provide technical and financial support to enhance their value. The Company is managed by a team of experienced engineers, geologists, and investment bankers, with a track-record of successful capital market achievements. On Behalf of the Board of Directors, AIS Resources Ltd.Andrew NealePresident & CEOEmail: [email protected] Website: www.aisresources.com ADVISORY: This press release contains forward-looking statements. Although the Company believes that the...