Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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January 13, 2023
The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention.
March 9, 2023
The Tribunal holds a first session by video conference.
March 23, 2023
The Tribunal issues Procedural Order No. 1 concerning procedural matters.
Will Rolf have some good news update soon, on above , or his recent podcast
comments, not planning to raise on the market but is expecting developments
soon on Gold Ridge, tick , tock , get on with if Rolf. GLA
That 3m your first toe in the water Shouston ?
You'll need to get your feet all wet with this one sub 1m MC
and sp in the flooded basement. GL M8
;))
https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/22/25
status remains the same
International Mining Company Invest, Inc. v. Kyrgyz Republic (ICSID Case No. ARB/22/25)
Another million+ for me at 0.767p
GLA
Can see why Rolf stating not looking to raise equity and plans afoot to advance
Gold Ridge
A £1m+ cash injection from the BNRG case
A $1m+ in IMC shares if returning to the license, or a 9.99% cut of the asset
in arbitration settlement, IMC looking for a minimum of US $63m
Potentially MNRG nicely cashed up on a settlement , to add to the recent influx
of £1m+ , which is more than the current market valuation.
Has to be a market correction coming, with the recent settlement, Gold Ridge
Victoria Gold etc, etc all thrown in for FREE.
GLA
International Mining Company Invest, Inc. v. Kyrgyz Republic (ICSID Case No. ARB/22/25)
The Tribunal holds a first session by video conference.
Case No ARB/22/25
https://icsid.worldbank.org/node/91991
As the recent RNA message over the rns news wire, first meeting has been held via
a video conference, MNRG held 9.9% of the asset and hold a CLN for US$ 341,441 to
date over IMC shares.
IMC's claim before the ICSID is for a minimum compensatory payment of US$ 63 million, plus
interest and legal fees, to be assessed. The ICSID tribunal designated to hear the claims has
now been constituted and the first hearing is scheduled for 9 March 2023.
The agreement between IMC and MetalNRG provides that repayment of the convertible loan
facility is either (i) via a conversion at 3 times the principal amount advanced into equity in IMC,
if the project is reinstated; or (ii) repayment of 300% of the principal amount advanced in cash,
in the event that IMC receives or reaches a compensatory settlement with the government of
Kyrgyzstan.
Low very fair entry point.
Short but sweet (hopefully ;)...
https://youtu.be/cfm49fbcrfk
Rolf's recent chats, said expecting some regular news flow , Eqtec and the
court settlement and the uranium arbitration , two down one to go, lol
Also said , not looking to raise via equity and plans in motion for the next
steps at Gold Ridge.
Market cap sub £1m , crazy , market correction has to come eventually.
Victoria Gold and BRIT NRG , also thrown in for free at this time. GLA
Just got back , better late than never, as previous post, was expecting
this to drop yesterday.
Onward and upward MC remains ridiculous. GLA
good rns
cash coming in is actually more than the mcap!!
recent good news about italy mdc need to be priced in as well!
sp should be moving in right direction from here.
oversold and RERATE need to come here soon.
charts are really encouraging...........
hold tight,dyor
Good, hopefully we can now move on, Rolf can keep his hands out of the till and we can avoid any further F ups?!
Can we start to actually improve 'shareholder value'?
We're waiting and watching...
blue
Cont...
Costs appeal
On Friday 17th March there was a second hearing on one particular part of Deputy ICC Judge Kyriakides' costs judgment, which the defendants had appealed against. In particular, D1 and D3 were appealing against her decision that MetalNRG did not need to pay D1 and D3's costs from 13th September 2022 onwards If their appeal succeeded, then they would have been granted their costs (to be paid by MetalNRG) from 13th September 2022 through to 28th September 2022,
The appeal was refused.
The effect, as with the substantive judgment, is that the costs judgment made by Deputy ICC Judge Kyriakides in September 2022 stands and MetalNRG is entitled to their reasonable costs up to 13th September 2022 on this particular action.
The amount of these costs will be decided by detailed assessment proceedings if the parties cannot agree them.
Costs of the permission to appeal and costs appeal proceedings
Finally, the Judge awarded the Company £23,805.61 in respect of its costs of defending the entirely unsuccessful appeal proceedings. It is expected that these costs will be payable within 14 days of judgment which was on Friday 17th March 2023.
Rolf Gerritsen commented:
"We are delighted with this outcome which fully vindicates our approach. Brit Energy Holdings and BritNRG Ltd (of which Mr Rocco is a significant interest holder) have now lost in London's courts three times, Mr Rocco himself has lost in Scotland, and more importantly there is no further recourse in the London courts on the summary judgment case brought by the Company. Not only have we secured the repayment £1,019,999 but we have secured an order for the Corporate Defendants to pay our costs and interest on the principal amount. We sincerely hope that Mr Rocco and his affiliates will take notice of this judicial trend and allow the Company to focus on value creation for all interest holders rather than continuing to take untenable positions against the Company's (and investors') interests."
21st March 2023
MetalNRG plc
Legal Process Update
Significant win for the Company
MetalNRG plc ("MetalNRG" or the "Company") announces the outcome of the High Court oral renewed permission to appeal hearing held on 17th March 2023 concerning the Company's claim for the return of the £1.02 million it paid to the corporate defendants, Brit Energy Holdings LLP and BritNRG Limited (the "Corporate Defendants").
In Summary:
· The Corporate Defendants appeal was rejected and the outstanding £574,000 is now to be paid to the Company
· The Corporate Defendants were ordered to pay interest which currently stands at £37,385.78
· The Corporate Defendants were ordered to pay £23,805.61 to cover the Company's appeal costs for the summary judgement
· The Corporate Defendants have been ordered to pay the Company's legal fees for the summary judgement proceedings with agreement to be reached on the final amount due
The Corporate Defendants had lost their case in the first instance and had paid £450,000 of the £1.02 million to the Company. The defendants had sought the right to appeal the summary judgement issued previously in respect of the £574,000 balance (having already had such permission denied on the papers). The Corporate Defendants also appealed a portion of the prior costs award made in the Company's favour.
The Court found in favour of the Company in both respects; refusing the Corporate Defendants leave to appeal and denying their substantive appeal on costs. The Corporate Defendants have been ordered to pay the Company's costs of these failed appeals.
Main appeal on the substantive judgment;
Brit Energy Holdings LLP ("D1") and BritNRG Limited ("D3") applied for permission to appeal the decision by Deputy ICC Judge Kyriakides to grant summary judgment in MetalNRG's favour on its claim against D1 and D3 under s190 of the Companies Act (substantial property transaction requiring shareholder approval that wasn't obtained).
Consistent with the prior ruling on the papers, permission to appeal was refused at the oral hearing on Friday 17th March the Judge saw no real prospect of the Corporate Defendants succeeding on their appeal, and no other compelling reason that there should be an appeal.
This means that the judgment made by Deputy ICC Judge Kyriakides in September 2022 stands and the stay of execution that was granted to the defendants, in the interim, has now been lifted. Which in turns means that the total principal amount due from D1 as at today's date, in respect of summary judgment is £611,385.78 (comprising the £574,000 of the original £1,019,999 that they have not yet paid to MetalNRG, but is with the Court, PLUS £37,385.78 in pre and post-judgment interest, which continues to accrue). It is expected that the sums already paid into Court will be promptly paid to the Company, and that the remainder will be paid to the Company within 14 days.
No news today on 17th March appeal , perhaps tomorrow. GLA
In our legal update RNS of 27th Feb. we stated that “The oral permission to appeal application
will be heard for a half day between 15 and 17 March”, we have now been told that the hearing
will be held on the 17th of March
https://twitter.com/MetalNRGplc/status/1635634291311882246?cxt=HHwWjMC9wZqu-LItAAAA
Out of here until Monday. GLA
its strange no movement here.
eqtec holding 20% of the project and is up 10% up with news today equal to mil addition in mcap
while mnrg holding 16% of the project and no movement here?
thanks for reply passiton
He indicated recently , plenty of news coming SOON
but as you know , to a CEO , soon is anything from 6 weeks to 6 months, lol
Subjects
Court settlements x2
Gold Ridge
Eqtec
First for the Eqtec arrived today, the others sometime whenever, lol
back for close, somewhere to be.
lol
he should read and try to engage more with shareholders.
are we expecting some news tomorrow?
15th of march?
Think Rolf probably skips the daily critique, lol
is BOD reading this BB?? lol
https://www.lse.co.uk/rns/MNRG/eqtec-italia-mdc-update-tpl1q3aoh65wzai.html