Trading symbol (TSX-V): RML
VANCOUVER, Jan. 16, 2018 /CNW/ - Rusoro Mining Ltd. (the
"Company" or "Rusoro") is pleased to announce that it has
closed on a Funding Agreement that provides the Company with
additional litigation funding of up to USD $7M. The Company intends to use the funds in its
continuing efforts to enforce the USD $1.3
billion arbitration award it was awarded as a result of
Venezuela's unlawful expropriation
of its mining operations in that country. Venezuela has
steadfastly refused to pay the arbitration award, which was issued
on August 22, 2016 by a tribunal
operating under the Additional Facility Rules of the World Bank's
International Centre for the Settlement of Investment Disputes.
Andre Agapov, the CEO of
Rusoro stated "we have grown increasingly frustrated in our
attempts to come to an amicable and fair resolution of this matter
with the Government of Venezuela. We have had a number of
face to face meetings with various Venezuelan Government officials,
including the Attorney General as well as the current and former
Minister of Mines but, we have yet to receive a meaningful
settlement offer. The proposals Venezuela has put forth have been unrealistic
particularly in light of the fact that our Award is accumulating
interest at the rate of approximately USD $80M per year.
We plan to move vigorously against Venezuelan assets throughout
the world. We have hired Diligence, a well-known
international asset recovery firm, and we will be seeking to
enforce the award in multiple jurisdictions with the help of King
& Spalding as well as local counsel. We have commenced
proceedings in courts in Washington,
DC to obtain judgments on the Award; these judgments will
reinforce the judgment – for the full amount of the Award – that
Rusoro has already obtained in Canada, and which it is now seeking to
domesticate in New York.
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.
SOURCE Rusoro Mining Ltd.