A dispute between Black Swan Gold Mines (TSE) and Goldbelt Resources (TSE) over an option to acquire a 50% earn-in interest in certain mining properties in the Republic of Russia and the Republic of Kazakhstan has been settled.
Black Swan was locked out of the original deal after failing to meet a funding deadline. Goldbelt subsequently signed an agreement with the Luxembourg company selling the option, sparking threats of lawsuits by Black Swan.
Goldbelt has agreed to pay Black Swan $300,000 plus interest over a 6-month period as well as 1.2 million common shares of Goldbelt.
In addition, when Goldbelt completes the acquisition of the property option from the Luxembourg company for shares and cash, Black Swan will receive further Goldbelt shares to bring its interest up to 5% on a fully diluted basis.
Details of the purchase agreement between Goldbelt and the Luxembourg company have not been released.
The option agreement with the two republics gives Goldbelt the right to earn a 50% interest in two properties by spending a total of $5 million to bring the projects to feasibility.
Be the first to comment on "Black Swan settles dispute"