The Conversation (0)
South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) entered into an agreement with a third party funder, pursuant to which the Fund will cover the Company’s future costs and expenses related to the international arbitration proceedings against the Plurinational State of Bolivia for the expropriation of the Malku Khota project.
As quoted in the press release:
Under the terms of the privileged arbitration funding agreement, the Company has given certain warranties and covenants to the Fund and has provided security for its obligations. In consideration for the funding, the Company has agreed to pay to the Fund a portion of any recoveries received pursuant to the arbitration proceedings or any settlement with Bolivia.
South American Silver Corp. President and CEO, Phillip Brodie-Hall, said:
This is a significant milestone for South American Silver and is very good news for our shareholders. The fact that a large and respected international investment fund is prepared to put its money at risk to support our case speaks volumes for the validity and value of our claim against Bolivia. This agreement provides us with the funds we need to pursue our case against Bolivia, at the same time freeing-up cash to allow us to actively invest in our core business of acquiring, exploring and developing quality mineral projects.
Click here to read the South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) press release
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