09:03:14 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



MGX Minerals Inc
Symbol XMG
Shares Issued 140,385,960
Close 2019-11-08 C$ 0.11
Market Cap C$ 15,442,456
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MGX Minerals sued by AIS over work in Argentina

2019-11-08 11:27 ET - Street Wire

Also Street Wire (C-AIS) AIS Resources Ltd

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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.

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