The new Younami mine, page-19

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12/11/19

13:35

Post #: 41378114
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Originally posted by MetalGuy1995: ↑

Hi VMC clan. This is not a malicious message or intended to be, but as both parties (SPX) are involved in this I thought you would like to see this posted on the SPX thread today:

For those who may not read this today. This has been placed on their website today. This might explain the rise in the share price today.Spectrum defends VMC’s claim on multiple frontsSpectrum Metals Limited (“Spectrum”) wishes to provide an update on the proceedings against VenusMetals Corporation Limited (“VMC”).

Yesterday at approximately 4pm, in compliance with the orders of the Supreme Court of Western Australia, Spectrum filed and served its defence to VMC’s claim. The defence was filed on time not with standing receipt of an amended statement of claim from VMC after 3pm the previous business day (Friday, 8 November 2019). The primary grounds of Spectrum’s defence can be summarised as follows:●Spectrum, through its Chairman Alex Hewlett, was actively engaged in negotiations to acquire Penny West more than 6 months prior to the alleged discussions between VMC and DJCarmichael Pty Ltd (“DJC”). Spectrum understands that Mr Davide Bosio and Mr Paul Adams donot accept Penny West was ever mentioned in any conversations with representatives of VMC;●The circumstances and material facts alleged by VMC in its statement of claim (which are notadmitted) do not give rise to fiduciary duties or duties of confidentiality as between DJC andVMC. There is therefore no breach of those duties; ●VMC has no entitlement to a constructive trust over Penny West given VMC asserts that aseparate and non-existent “NewCo” was to acquire Penny West, not VMC itself; and ●Even if VMC could establish a breach of duty by DJC (which is denied), its inordinate and unexplained delay in bringing proceedings disentitles it to a constructive trust over Penny West.On the question of delay, VMC was aware Spectrum had acquired Penny West in October 2018 and Spectrum subsequently made numerous public announcements to the market outlining its explorationand spending to develop the asset. It was not until Spectrum unlocked the value of Penny West that VMC decided to bring its claim.It is telling that on 30 June 2019, VMC’s Managing Director, Mr Matthew Hogan, was quoted in an article for unauthorised investment advice as follows: “Spectrum’s success promotes the whole region. They are doing a great job; there are fantastic results coming out of Penny West.”I reiterate, this is not intended to be malicious but we retail investors should be helping each other out during this process, there is a strong possibility we have all been thrown in a deep pit of pain. This is going to be a painful and arduous process for all.

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who cares VMC directors already screwed over VMCOA holders, couldn't give a sh it about the case its its done nothing for the sp to date

VMC Price at posting: 17.0¢ Sentiment: Buy Disclosure: Held
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The new Younami mine, page-19

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The new Younami mine, page-19

Top Stories

Essential Energy conference: Elixir talks up unlocking QLD's Taroom Trough

Essential Energy conference: Streamlining approvals key to the green energy transition

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