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Atalaya Mining plc
Atalaya Mining plc
Registriert in: Zypern WKN: A142QE Rohstoffe:
Art: Originalaktie ISIN: CY0106002112 Gold
Kupfer
Heimatbörse: TSX Alternativ: ATYM.L
Währung: CAD    
Symbol: AYM.TO Forum:

Atalaya Mining plc: Result of Appeal

01.11.2018 | 14:40 Uhr | Accesswire

NICOSIA, November 1, 2018 - Atalaya Mining plc (AIM: ATYM, TSX: AYM)the European mining and development company, announces that judgment was handeddown in the Astor Case in the Court of Appeal earlier today.

The Court of Appeal confirmed the rulingfrom the High Court made on 6 March 2017, which was announced by the Company onthat date.

In summary, the deferred consideration,as fully set out in the Company's announcement of 2 November 2015 when it was firstnotified of the claim ("Deferred Consideration"), payable to Astor underthe master agreement entered into in 2008 between inter alia the Company and Astor("Master Agreement"), did not start to become payable when permit approvalwas granted for the Rio Tinto Copper Project ("Proyecto Riotinto"). Inaddition, the intra-group loans by which funding for the restart of mining operationswas made available to the Company's subsidiary, Atalaya Riotinto Minera S.L. didnot constitute a "Senior Debt Facility" so as to trigger payment of theDeferred Consideration. Accordingly, the first instalment of the Deferred Considerationhas not fallen due.

While the Company is not in breach ofany of its obligations, the Master Agreement and its provisions remain in place.Accordingly, other than up to US$10 million ayear which may be required for non-Proyecto Riotinto related expenses, Atalaya RiotintoMinera S.L. cannot make any distribution or any repayment of the money lent to itby its holding company and must apply any excess cash to pay the Deferred Consideration,until this has been paid in full.

Please click on, or paste the followinglink into your web browser to view the full announcement;
http://www.rns-pdf.londonstockexchange.com/rns/0618G_1-2018-11-1.pdf

This information is provided by RNS,the news service of the London Stock Exchange. RNS is approved by the FinancialConduct Authority to act as a Primary Information Provider in the United Kingdom.Terms and conditions relating to the use and distribution of this information mayapply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Atalaya Mining plc

 
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