This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Mike Caswell
MGX Minerals Inc., already in legal disputes on more than one front, is facing a lawsuit in the Supreme Court of British Columbia from a joint venture partner. The partner, AIS Resources Ltd., claims that MGX has fallen behind on payments for work on a property in Argentina. AIS is seeking the court-ordered payment of the overdue amount.
The allegations are contained in a brief notice of claim that AIS filed at the Vancouver courthouse on Nov. 1, 2019. The suit stems from an agreement for the Salinitas lithium brine project in Argentina. On July 23, 2018, MGX agreed to acquire an interest in the property, with the payment for that interest to include a first-year work program of $600,000 (U.S.), the suit states.
According to AIS, the program began in 2018, as expected, with AIS carrying out the work on MGX's behalf. MGX agreed that it would pay for the exploration promptly, the suit states. It made an initial $42,000 (U.S.) deposit for that work.
The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS
© 2024 Canjex Publishing Ltd. All rights reserved.