9th Jul 2018 17:08
LONDON (Alliance News) - Crusader Resources Ltd said Monday it has begun legal proceedings regarding the payment of owed amounts from Inter Invest BP S/A relating to the Posse iron ore sale.
Crusader entered into an agreement to divest its 100% interest in the Posse iron ore mine to Inter Invest, via a special purpose vehicle, for BRL8 million in 2017.
The company commenced legal proceedings last month.
The mineral exploration company has been paid BRL1 million to date. It is seeking the total debt outstanding, BRL7 million, plus fines, interest and penalties - resulting in a total claim of BRL14.5 million.
Crusader wants a suspension of activities at Posse until payment is made in full of the amount agreed upon, as well as the payment of a daily fine if there is no suspension of activities.
Shares in Crusader Resources went closed at 1.625 pence each on Monday.
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