Business
Munni Munni Transaction Update
Munni Munni Transaction Update.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \n \n RNS Number : 4142T\n Empire Metals Limited\n 20 July 2020\n \n \n \n \n Empire Metals Limited / AIM: EEE / Sector: Natural Resources\n \n \n 20 July 2020\n \n \n \n Empire Metals Limited \n \n \n ('Empire' or the 'Company')\n \n \n \n Munni Munni Transaction Update\n \n \n \n \n \n Empire Metals Limited, the AIM-quoted resource exploration and development company refers to the announcement made earlier this morning in Australia by ASX listed Artemis Resources Limited ('Artemis').\n \n \n \n \n \n On 27 April 2020, the Company announced that it had entered into a binding agreement to acquire a 58.6% interest in Munni Munni Pty Ltd ('MMPL'), a wholly-owned subsidiary of Artemis and the beneficial owner of a 70% interest in the Munni Munni Palladium Project in the West Pilbara, Western Australia ('Munni Munni'). Platina Resources Limited ('Platina') is the holder of the remaining 30% in Munni Munni.\n \n \n \n \n \n Artemis today announced that on Friday 17 July 2020, it was served a writ of summons issued by the Supreme Court of Western Australia as filed by Platina, its 30% joint venture partner to the Munni Munni Project. Platina claims that Artemis and its wholly owned subsidiary, MMPL, have breached the Heads of Agreement entered into by the parties relating to the Munni Munni Joint Venture as a result of the Company entering into the agreement with Empire.\n \n \n \n \n \n Artemis denies Platina's claims and state that they intend to vigorously defend their position.\n \n \n \n \n \n Mike Struthers, CEO, said: \"This is an unwelcome development in our proposed acquisition of an interest in MMPL. We announced the Munni Munni transaction on 27 April 2020, but Platina have chosen only now to present this claim. \n \n \n \n \n \n \"We believe the claim is spurious and we understand Artemis intend to vigorously defend their interests and move forward with Empire and progress the development of the project.\n \n \n \n \n \n \"This is a disappointing turn of events however the transaction remains in progress. Completion is still conditional on a number of conditions precedent including completion of due diligence, execution of a formal joint venture agreement, obtaining necessary regulatory approvals and \n obtaining all necessary third-party consents a...