- Viking Mines (VKA) receives US$3 million (A$4.08 million) from its Ghana-based subsidiary, Resolute Amansie, as repayment for inter-company loans
- Resolute acquired he funds from BXC Company Ghana last month in relation to an ongoing litigation over the sale of the Akoase Gold Project
- VKA says the repayment covers only part of the total amount owing, with Resolute pursuing further costs, interests and a production royalty
- A final judgement by the Ghana Hight Court is scheduled for October 18
- Viking Mines’ shares have closed flat at 2.2 cents on August 11
Viking Mines (VKA) has received a sum of US$3 million (A$4.08 million) from its Ghana-based subsidiary, Resolute Amansie (RAL), as repayment for inter-company loans.
Resolute acquired the funds from BXC Company Ghana last month in relation to an ongoing litigation over unpaid proceeds from the sale of its Akoase Gold Project in 2015.
According to VKA, the repayment covers only part of the total amount owing, with RAL continuing its pursuit of costs and interests owed on top of an ongoing production royalty up to a maximum value of US$2 million (A$2.7 million).
Commenting on the repayment, VKA’s Managing Director and CEO Julian Woodcock said he was pleased to update the market on the partial recovery.
“These funds will further strengthen our already strong cash position and allow us to focus our exploration activity on our primary project at First Hit,” he said.
“We will continue to support RAL to pursue the additional funds we believe are owed as costs and interest from the litigation against BXC Company Ghana and eagerly await the judgement in October 2021.”
The company said it was confident of a successful outcome ahead of an upcoming judgement hearing by the Ghana Hight Court, which is scheduled for October 18.
Shares in Viking Mines closed flat at 2.2 cents each on August 11, 2021.