Rusoro Settles Litigation With Gold Reserve
20 Septiembre 2012 - 12:40PM
PR Newswire (Canada)
Trading symbol : RML VANCOUVER, Sept. 20, 2012 /CNW/ - Rusoro
Mining Ltd. (the "Company") The Company announced today that
it has settled all legal proceedings involving Gold Reserve Inc.
("Gold Reserve"). Under the settlement, an order will be
obtained from the Ontario Superior Court of Justice dismissing the
legal action brought by Gold Reserve against Rusoro, and the
counterclaim brought by Rusoro against Gold Reserve. Rusoro
has agreed to pay Gold Reserve $250,000, issue Gold Reserve
2,500,000 common shares at a deemed value of $0.10 per share and
issue Gold Reserve a conditional promissory note in the amount of
$1,000,000. The promissory note will only become due and
payable in the event that Rusoro is successful in the litigation it
has commenced against the Venezuelan Government seeking
compensation for the nationalization of Rusoro's gold assets in
Venezuela. The issuance of the common shares is subject to
acceptance for filing by the TSXV. ON BEHALF OF THE BOARD "Andre
Agapov" Andre Agapov, President & CEO Forward-looking
statements: This document contains statements about expected or
anticipated future events and financial results that are
forward-looking in nature and as a result, are subject to certain
risks and uncertainties, such as general economic, market and
business conditions, the regulatory process and actions, technical
issues, new legislation, competitive and general economic factors
and conditions, the uncertainties resulting from potential delays
or changes in plans, the occurrence of unexpected events, and the
Company's capability to execute and implement its future plans.
Actual results may differ materially from those projected by
management. For such statements, we claim the safe harbour for
forward-looking statements within the meaning of the Private
Securities Legislation Reform Act of 1995. "Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release."
Rusoro Mining Ltd. CONTACT: Tel: 604-632-4044 - Fax: 604-632-4045 -
Toll Free 1800-668-0091Website: www.rusoro.com E-Mail:
info@rusoro.com
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