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Viking Mines Settles Ghana Litigation and Receives $3.30M Final Payment

26 September 2023 14:17

Viking Mines Limited (ASX: VKA) has achieved a major breakthrough as its Ghanaian subsidiary, Resolute Amansie Limited (“RAL”), successfully settled a protracted legal dispute with the Akoase Project purchasers in Ghana, resulting in a substantial final payment of $3.30 million from the defendants.

Background

The legal saga stemmed from a dispute between Viking Mines Limited and the purchasers of the Akoase Project in Ghana, specifically Akoase Resources Limited, BXC Company Ghana Limited, and Cheng Yi (hereafter referred to as “the Defendants”). The dispute, which had been ongoing for an extended period, finally reached a conclusion with the recent payment.

On January 24, 2023, the High Court of Ghana (Commercial Division) issued a judgment ordering the Defendants to pay Viking Mines Limited the sum of $2.88 million. This judgment laid the foundation for the subsequent legal proceedings that ultimately led to the recent settlement.

Final Settlement

Viking Mines’ Ghanaian subsidiary, RAL, announced the successful conclusion of the settlement with the Defendants, who agreed to pay a final settlement amount of $2.12 million.

This sum serves as the full and final payment toward the judgment issued by the Ghanaian court earlier this year, with the conclusion of this legal dispute not only vindicating Viking Mines’ position but also bringing closure to a prolonged legal battle.

Financial Implications

As of September 22, 2023, Viking Mines reports a robust financial position, with a total of approximately $5.9 million in cash and receivables.

This figure, based on the prevailing exchange rates as of September 24, 2023, reflects the final settlement payment received from the Defendants, with the substantial cash balance positioning the Company favourably for its ongoing and future projects.

CEO’s Perspective

Julian Woodcock, the Managing Director and CEO of Viking Mines Limited, expressed his satisfaction with the resolution of the legal matter, stating, “I am extremely pleased to have received this final settlement payment from the Defendants in what has been a lengthy process,” he said.

“We have been justified in our convictions and trust in the Ghanaian legal system and not only received the judgment we rightly deserved but now settled the claim. Viking’s cash position now sits at a very healthy $5.9 million and will be used to continue advancing our Projects.”

“Vikings cash position now sits at a very healthy $5.9M and will be used to continue advancing our Projects.”

VKA’s Australian Stock Exchange-listed share price is currently selling at 1 cent (12.45 pm UTC+ 8 hours).

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