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EMC Metals Corp.(TSX:EMC) announced that legal proceedings are currently underway after receiving a notice of a lawsuit filed against the Company on June 22, 2012.
The notice was issued by the Supreme Court of Victoria, Australia on behalf of Jervois Mining Limited.
As quoted in the press release:
On 20 August 2012, EMC filed its formal defense and a counterclaim with the Supreme Court in Victoria, Australia. In its counterclaim, EMC has sought relief that includes:
* a declaration that it satisfied the earn-in conditions set out in clause 6.2 of the Joint Venture Agreement,
* a declaration that upon payment to Jervois of the sum of AUD1.3 million (plus GST), EMC is entitled to a 50% interest in the Joint Venture, and
* damages to compensate EMC for the loss that it has suffered as a result of Jervois wrongfully treating the Joint Venture as terminated.
Click here to read the EMC Metals Corp. (TSX:EMC) press release
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