Business
International Arbitration Issues Final Award, Granting Over $10.8 Million Damages and Additional Relief in Favor of Global Gold Against Caldera Resources Related to Marjan Gold Mine in Armenia
International Arbitration Issues Final Award, Granting Over $10.8 Million Damages and Additional Relief in Favor of Global Gold Against Caldera Resources Related to Marjan Gold Mine in Armenia.
About this update from Global Gold Corp.
[{"type":"text","content":"\nRYE, N.Y., Nov. 12, 2014 (GLOBE NEWSWIRE) -- Global Gold Corporation (OTCQB:GBGD) is pleased to announce that in an International Centre for Dispute Resolution Final Award Retired Justice Herman Cahn as the sole arbitrator ruled in favor of Global Gold on damages and a range of other outstanding issues. The total damage award is $10,844,413 with interest at 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 million is punitive damages for the defamatory publications by Caldera's principal Vasilios Bill Mavridis against Global Gold and its principals. This Final Award terminates the arbitration proceedings which Caldera instituted against Global Gold in 2010. Global Gold prevailed in the first, liability phase of the arbitration and four prior court cases, as summarized and reported in April 2013.  Global Gold again thanks outside counsel Brian Cousin and his team at Dentons www.Dentons.com --particularly for their tenacious work in uncovering Caldera's securities law violations. With all the legal processes complete, Global Gold is now continuing with the development of the Marjan property and enforcement of the rulings issued. A full copy of the 42 page Final Award as well as the other rulings is available at the Global Gold website: www.globalgoldcorp.com.\n\n\tPrevious rulings in this matter included that Montreal based Caldera Resources, led by the brothers John Mavridis and Bill Mavridis, failed to make agreed payments to Global Gold despite having raised almost $5 million, failed to issue stock due, misrepresented the approval of the Toronto Stock Exchange of the parties' contract, and otherwise breached the joint venture agreement. Caldera through its Biomine, LLC subsidiary also acquired a \"Marjan West\" license area which it claimed was adjacent to Marjan but in fact overlapped with Marjan. Armenian Courts at three levels found that Caldera had deceptively and illegally registered full control over the Marjan Mining Company to itself without the signatures or authorization of Global Gold, and a U.S. Federal Court confirmed the phase 1 arbitration findings while rejecting Caldera's arguments to vacate the award. The November 10, 2014 Final Award resolved all other outsta...