Venus Metals Corporation Ltd (ASX:VMC) has agreed to settle all claims against Spectrum Metals Limited and Zebra Minerals Pty Ltd arising from Zebra Minerals’ acquisition of the Penny West Gold Project.
Venus, Spectrum and Zebra have entered into a confidential agreement, which includes Spectrum paying to Venus an amount of $850,000.
Mediation conference in progress
Venus continues to maintain the factual matters underlying its claims against Spectrum MD Paul Adams, David Bosio and DJ Carmichael Pty Ltd for breaches of fiduciary duty, breaches of confidence and misuse of information in connection with the acquisition of the Penny West Gold Project.
These matters are to be heard by the Supreme Court of WA on March 3-12, 2020 and April 14, 2020.
The parties are today attending a court-supervised mediation conference in relation to the proceedings.