TNG Provides Update on Davis Samuel Matter

TNG Ltd. (ASX:TNG) announced an update on its long-running legal matter between the Commonwealth and Davis Samuel.

As quoted in the press release:

 The Company advises that it has now paid the judgement figure of $703,728, being $695,308 plus interest of $8,420 (calculated at 6% above RBA rate).

TNG was also ordered to transfer the 3,162,000 PEN shares it holds to the Commonwealth, but as a result of paying the Commonwealth in full it can retain these shares to be sold when it chooses.

TNG’s managing director, Mr Paul Burton, stated:

We are pleased that , following the Davis Samuel judgement our subsequent actions have cleared the way for the Company to move forward without this long-standing legal matter continuing to create an issue.

We are looking forward to a pivotal year for the Company in 2015 as we complete the Feasibility Study on our Mount Peake Vanadium Project and move forward together with our strategic partners to build a substantial international strategic metals business that will create significant value for our shareholders.

Click here for the full TNG Ltd. (ASX:TNG) press release