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Global Cobalt Corporation (TSXV:GCO) has received written confirmation from Invest Project LLC (IP) and Imperial Mining Holding Ltd. (IMHL) that the two parties have agreed to continue their discussion to reach a settlement on the issue of the receivership with respect to the Karakul cobalt project held by AltaiRudaMetal (ARM) in Altai, Russia. ARM is a wholly owned subsidiary of IMHL, Global Cobalt’s largest shareholder.
Global Cobalt Corporation (TSXV:GCO) has received written confirmation from Invest Project LLC (IP) and Imperial Mining Holding Ltd. (IMHL) that the two parties have agreed to continue their discussion to reach a settlement on the issue of the receivership with respect to the Karakul cobalt project held by AltaiRudaMetal (ARM) in Altai, Russia. ARM is a wholly owned subsidiary of IMHL, Global Cobalt’s largest shareholder.
As quoted in the press release:
The IMHL-IP settlement will be presented to the appropriate arbitration courts in Russia to begin the process of having ARM formally released from the court receiver process once terms are agreed. During this settlement period, IMHL will continue to own ARM and its assets including the Karakul Cobalt Project as a subsidiary. IP further confirmed in their letter to Global Cobalt that the option agreement that Global Cobalt holds for the Karakul project remains in good standing. Furthermore, IMHL has notified the Company that the next hearing date is scheduled for October 24, 2015 and that an extension will be sought.
Global Cobalt President & CEO, Erin Chutter, stated:
This is encouraging news for our shareholders, we are pleased to learn that both IMHL and IP have agreed to openly communicate a final settlement
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