Business
Hawsons Iron Limited - Settlement of the Pure Metals legal claim
Hawsons Iron Limited - Settlement of the Pure Metals legal
About this update from Hawsons Iron Ltd
In 2021, Hawsons Iron Limited (Hawsons) was made party to legal proceedings by the liquidator of Pure Metals' major shareholder (ASI Liquidator) in relation to the issue of Hawsons shares in exchange for the Pure Metals interest in the Hawsons Iron Project . On 23 July 2024 , Hawsons entered into a Deed of Settlement and Release in which: ASI Liquidator has filed a consent order to the court, and the case against Hawsons has now been formally dismissed. ASI Liquidator has also undertaken not to re-join Hawsons Iron to the case in the future, nor commence any new proceedings against Hawsons Iron . In exchange, Hawsons has paid a settlement amount of $250,000 cash and issued 1,930,143 HIO shares at $0.0259 per share. The Hawsons shares issued to ASI Liquidator were transferred from unpaid Non-recourse employee shares, resulting in no change in the overall number of shares on issue. Contact: Tom Revy Chief Executive Officer Tel: +61 411 475 376 Email: [email protected] (C) 2024 Electronic News Publishing, source ENP Newswire