12th Feb 2015 09:21
LONDON (Alliance News) - GoldBridges Global Resources PLC Thursday said it has received a final USD2.2 million payment from Akmola Gold LLP in accordance with a settlement agreement signed between the two companies in 2013.
In 2011, GoldBridges entered into an agreement to acquire certain mining assets with Akmola and under the agreement, GoldBridges supplied refundable advances to Akmola to allow it to continue its operations during the takeover phase.
In late 2013, GoldBridges terminated the proposed takeover and sued Akmola to recover the advances it supplied to the company, and as a result has received the USD2.2 million as a final settlement as agreed in 2013.
GoldBridges said it made a USD2 million provision in its financial statement in 2012, which will now be released, it said.
GoldBridges shares were down 0.4% to 2.49 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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