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Caldera Resources Inc. (TSXV:CDR) files motion for standstill order against Global Gold Corporation in Armenia while the arbitration ruling is pending in New York.
Caldera Resources Inc. (TSXV:CDR) files motion for standstill order against Global Gold Corporation in Armenia while the arbitration ruling is pending in New York.
As quoted in the press release:
On November 17, 2011, the Arbitrator issued an order to Caldera Resources Inc. (the “Company” or “Caldera”) and Global Gold Mining and its parent Global Gold Corporation (“GBGD” ), (together referred to as the “Parties”), which restricts the Parties from altering their share ownership and membership in the Joint Venture Agreement (“JVA”) and in the Armenian subsidiary Marjan Mining Company (“MMC”), or affecting any changes to the Marjan License. (See Caldera NR November 21, 2011 – Arbitrator Issues Standstill Order in Caldera vs. Global Gold Dispute). That order was recently updated.
On February 14, 2012 Caldera filed a petition at the General Jurisdiction Court in Yerevan, Armenia, case no. M-I-2826 (see www.datalex.am), seeking that the Arbitrator’s order be enforced in Armenia, under the UNCITRAL 1958 – Convention on the Recognition and Enforcement of Arbitral Awards, which Armenia is a signatory. A Certified copy of the Arbitrator’s confirmed order has been delivered to Caldera’s Armenian subsidiary, MMC, and will be attached to that petition.
On or about February 8, 2012, GBGD’s representatives in Armenia made statements to local Government authorities, that the project ownership and rights will revert to them based on a ruling of the Administrative Court of Armenia and that they contemplate to sign certain agreements to effect control. These statements are not new and have been echoed in GBGD’s news releases of August 2, 2011 and December 12, 2012. (See Caldera NR, August 5, 2011 – Caldera Provides Additional Disclosure on Marjan and GBGD Misleading and False Statements). The Arbitration hearing in New York is the only jurisdiction that can rule on the ownership rights of the Marjan project, as per the JVA signed between the Parties on March 24, 2010.
Click here to read the Caldera Resources Inc. (TSXV:CDR) press release
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