Viking Mines (ASX:VKA) receives initial payment of AU$1.14M in Ghanian legal claim

April 26, 2023 11:59 AM AEST | By Manisha
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  • Viking’s wholly owned subsidiary Resolute Amansie has received US$713k and GHS600k from the Defendants towards the Court ruled debt of US$2.88 million in the ongoing legal case in Ghana.
  • As per the ruling dated 13 March 2023, Resolute is still owed US$2.08 million and GHS600k as of 25 April 2023.
  • Considering the present exchange rates, there remains an outstanding balance of AU$3.19 million to be paid by the Defendants.

Viking Mines Limited  (ASX: VKA) today shared an update on the ongoing litigation matters in Ghana against the purchasers of the Akoase Project from Viking’s wholly owned subsidiary Resolute Amansie Ltd. The purchasers are Akoase Resources Limited, BXC Company Ghana Limited and Cheng Yi (the Defendants).

Resolute Amansie has received US$713k or AU$1.07 million and GHS600k or AU$77k from the Defendants towards the Court ruled debt of US$2.88 million. These payments are part of the overdue payments and interest (outstanding) from the sale of the Akoase Gold Project, and 50% of the payment against the court ruled costs of GHS1.2 million, respectively.

Shares jump over 9% 

VKA shares were trading at AU$0.012 midday on 26 April 2023, up more than 9% from the last close. 

Details of outstanding debt

As per the entry of judgement dated 13 March 2023, VKA is still owed US$2.08 million and GHS600k as of 25 April 2023. Considering the present exchange rates, the outstanding balance yet to be paid of stands at AU$3.19 million.

Other significant legal update

The legal team of Viking has advised the Company that an appeal has been lodged by the Defendants against the ruling following their rights under the Ghanaian legal system.

After conducting a review of the appeal documents lodged with the court, Viking’s legal advisors expressed that there lies no legal merit in the appeal and it is unlikely to succeed given the unchallenged evidence of the Court’s expert witness adduced in court.

Viking believes that it will be successful in defending the original judgement. However, the Company will continue to pursue the balance of the monies owed by legal means while the appeal is in progress.




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