The dispute concerned an agreement between SAT Commerce Ltd ("SAT") and Kopy Goldfields AB (publ) ("Kopy Goldfields" or the "Company") that was entered into in May 2013 and expired in June 2014. SAT was hired as a financial advisor by Kopy Goldfields to market the Company's assets in order to find either buyers or partners for further development of the assets.
During the autumn 2014, after completing the Joint Venture transaction with GV Gold, SAT approached Kopy Goldfields claiming the right to a success fee of KUSD 100 for the transaction. Kopy Goldfields denied the claim since no work had been carried out by SAT in this specific transaction.
The dispute was settled by the Arbitration Institute of the Stockholm Chamber of Commerce in June 2015. The Arbitration Institute concludes that the agreement with SAT shall be understood to mean that SAT is entitled to success fee even if SAT has not caused the specific transaction, and orders Kopy Goldfields to pay to SAT an amount of KUSD 100 plus interest and legal costs. The cost will be recorded in the Group accounts during the second quarter 2015.
Stockholm, July 10, 2015
For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com
Tim Carlsson, CFO, + 46 702 31 87 01, tim.carlsson@kopygoldfields.com
The following documents can be retrieved from beQuoted
Kopy Goldfields Pressrelease 2015-07-10.pdf
About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The company holds 11 bedrock exploration- and production licenses on 1,963 sq km of which the Krasny license is held to 49% and is preliminary forecasted to be in production in 2017. The target for Kopy Goldfields is to become a near-term gold producer in cooperation with a producing partner under JV agreement.
Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Aqurat Fondkommission acts as Certified Adviser, contact number: +46-8-684 05 800.
The Share
Ticker: KOPY
http://www.nasdaqomxnordic.com/shares/microsite?Instrument=SSE77457
Outstanding shares: 54,444,996
