Business
Palamina's Equity Partner Winshear Gold Commences Arbitration Proceedings Against the Government of Tanzania for the Expropriation of Its SMP Gold Project
Toronto, Ontario--(Newsfile Corp. - February 13, 2023) - Palamina Corp. (TSXV: PA) (OTCQB: PLMN...
About this update from Palamina Corp.
[{"type":"text","content":"Palamina's Equity Partner Winshear Gold Commences Arbitration Proceedings Against the Government of Tanzania for the Expropriation of Its SMP Gold ProjectToronto, Ontario--(Newsfile Corp. - February 13, 2023) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) holds 13,422,000 shares and 1,321,000 warrants representing a 19.99% partially diluted share position in Winshear Gold Corp. (TSXV: WINS). The following news release was disseminated by Winshear today:Winshear Gold Corp. (TSXV: WINS) ('Winshear', the 'Company', or the 'Claimant'), formerly Helio Resource Corp., provides the following update on the dispute with the United Republic of Tanzania (\"Tanzania\") which is the subject of arbitration through the International Centre for Settlement of Investments Disputes (\"ICSID\"), a member of the World Bank. The Company reports that the evidentiary hearing commences today in Washington D.C.. A three-person tribunal panel is presiding over the court hearings, which are expected to conclude on or before the close of business on Friday February 17th, 2023. The ICSID Convention has been ratified by 158 States, including Tanzania. An award issued by an ICSID tribunal is enforceable in any one of those 158 member States as if it were a judgment of one of their own courts. Winshear is represented by the international law firms LALIVE and Boies Schiller Flexner in the arbitration process. Both firms specialise in international arbitration with the Claimant seeking compensation of in excess of CDN$130M for the loss of its investment in Tanzania (including interest which continues to accrue). In addition, the Claimant seeks reimbursement of its arbitration costs and fees by Tanzania. A litigation funding facility for US$3.3M is in place with Delta Capital Partners Management (\"DELTA\"), a firm headquartered in Chicago Illinois that specializes in litigation funding. This funding facility covers all legal costs associated with arbitration and is only repayable in the event of a successful award that is recovered from the United Republic of Tanzania.Background to Claim In July 2017, the Government of Tanzania amended the Mining Act 2010 by, inter alia, abolishing the Retention Licence classification. The Company's SMP Mineral Resource was wholly contained within four Retention Licences.On 10 January 2018, Tanzania published the new Mining (Mineral ...