DNI Metals Issues Cougar Metals a Second Default Notice
TORONTO--(BUSINESS WIRE)--Nov 13, 2019--
DNI Metals Inc. (DNI: CSE; DNMKF: OTC) (“DNI” or the “Company”)
On September 24, 2018 a Settlement Agreement (the “ Agreement ”) was reached between DNI and Cougar Metals NL (“ Cougar ”) with respect to DNI’s Vohitsara Property in Madagascar.
On July 24, 2019, DNI issued Cougar a default notice – that default is currently the subject of arbitration procedures between DNI and Cougar.
On November 5, 2019, DNI issued Cougar a second default notice for failure to observe the non-disparagement and confidentiality obligations in the Agreement.
The Agreement provides that DNI is entitled to suspend payment of the balance of the amount owing under the Agreement pending determination of any dispute regarding Cougar’s breach by the arbitrator.
DNI – CSE
DMNKF - OTC
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CONTACT: DNI Metals Inc.
Dan Weir, CEO 416-720-0754
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES NATURAL RESOURCES MINING/MINERALS
SOURCE: DNI Metals Inc.
Copyright Business Wire 2019.
PUB: 11/13/2019 07:21 AM/DISC: 11/13/2019 07:21 AM