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Dixie Gold Inc. Receives $120 Million Statement of Claim Over 70% Earn-In Option at Red Lake Project
(TheNewswire) Vancouver, British Columbia – TheNewswire - July...
About this update from Dixie Gold Inc.
[{"type":"text","content":"Dixie Gold Inc. Receives $120 Million Statement of Claim Over 70% Earn-In Option at Red Lake Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n July 5, 2022 – Dixie Gold Inc.\n \n \n (TSX\n \n \n V\n \n \n :DG) (“\n \n \n Dixie\nGold\n \n \n ” or the “\n \n \n Corporation”\n \n \n )\n \n \n reports that it has been named as a party in a\nStatement of Claim issued by Barrick Gold Inc. (“Barrick Gold”) in\nthe Toronto Superior Court of Justice on June 30, 2022 (Court File No:\nCV-22-00683409-0000)(the “Claim”).\n \n \n \n \n The Claim alleges, among other things, that Dixie Gold\nhas breached certain obligations in Earn-In and Joint Venture\nAgreement to pursue more lucrative commercial arrangements concerning\nthe Corporation’s mining claims.\n \n \n \n \n Dixie Gold intends to defend against the Claim and\nLenczner Slaght LLP has been retained by the Corporation as litigation\ncounsel.\n \n \n \n \n Statement of Claim\n \n \n \n \n The Claim seeks, on a joint and several basis, the\naggregate sum of specified and enumerated monetary damages, among\nother claims, of $120 million for a 70% exploration earn-in option\n(the “Earn-In Option”) in the Red Lake Project (the “Red Lake\nProject”), arising from the termination of the Earn-In Option by the\nCorporation on June 7, 2022.\n \n \n \n \n Among other defendants to the Claim, Barrick Gold named\n“ABC Corporation Inc.”, as placeholder for party that Barrick Gold\nalleges may have attempted, or may attempt hereafter, to deal in the\nsubject project following the termination.\n \n \n \n \n Information for Shareholders\n \n \n \n \n Without limitation, Dixie Gold advises shareholders as\nto the following particulars:\n \n \n \n \n During the fall of 2021, Dixie Gold elected to engage\nwith Barrick Gold for purposes of examining an exploration-focused\nearn-in agreement whereby Barrick Gold might earn an interest in a\nportion of the Red Lake Project (the “Barrick Engagement”).\n \n \n \n \n The Barrick Engagement culminated in the formalization\nof an exploration-focused earn-in option agreement which could, if all\nterms were met, enable Barrick Gold to earn a 70% interest in the Red\nLake...