Business
TriMetals Mining Closes Private Placement and Provides Update on Arbitration
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATE...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"TriMetals Mining Closes Private Placement and Provides Update on ArbitrationNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / March 20, 2019 / TriMetals Mining Inc. (TSX: TMI) (the \"Company\" or \"TMI\") announces the closing of a non-brokered private placement (the \"Private Placement\"), raising net proceeds of Cdn$456,500 from the sale of 9,200,000 common shares (the \"Shares\") priced at Cdn$0.05 per Share.The net proceeds from the Private Placement will be used for working capital and general corporate purposes.Robert van Doorn, Chairman of the Company, participated in the Private Placement by subscribing for 2,000,000 Shares.Update on Arbitration with BoliviaTMI also announces that on February 28, 2019, its wholly-owned Bermudan subsidiary, South American Silver Limited (\"SASL\"), has commenced court proceedings in Washington, DC, seeking a United States court judgment to recognize and enforce, in the United States, the award issued on November 22, 2018 by the arbitration tribunal of the Permanent Court of Arbitration located in The Hague, Netherlands (the \"Award\"). The Award relates to SASL's claims against the Plurinational Government of Bolivia (\"Bolivia\") arising from Bolivia's unlawful expropriation of SASL's investments in the Malku Khota silver-indium-gallium project.SASL was awarded US$18.7 million plus compound interest starting August 1, 2012 until paid in full. The compound interest calculated by SASL through April 1, 2019, amounts to US$10.4 million.SASL is committed to receiving payment of the Award from Bolivia and resolving the dispute in a manner that is mutually beneficial for both parties. However, SASL is willing to take further action to satisfy the award should Bolivia refuse to pay, or purposely delay payment, of the Award. In that regard, SASL has engaged Redmon Peyton & Braswell LLP, a U.S. based law firm that is leading SASL's effort to domesticate and enforce its Award in the U.S.A.About TriMetals Mining Inc.TriMetals Mining Inc. (TSX: TMI and OTCQX: TMIAF) is a growth-focused gold exploration company creating value through the exploration and development of the near-surface Gold Springs gold-silver project in mining-friendly Nevada and Utah, U.S.A.The Company's Class B shares are listed on the Toronto Stock Exchange...