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- Vango Mining (VAN) welcomes decision by WA Court of Appeal to refuse Billabong Gold’s bid for stay of a mandatory injunction
- The mandatory injunction was issued on February 11, 2022 and required Vango to issue two specifically formulated offers to Billabong Gold by February 14, 2022
- Following its failure to obtain a stay, Billabong accepted an offer from Vango on March 11, 2022
- Vango says it complied wholly with its obligations in the matter and is open to a commercial resolution of the appeal
- Vango shares were up 5.88 per cent at 3.6 cents
Gold explorer Vango Mining (VAN) has welcomed a decision by the WA Court of Appeal to refuse a bid by Billabong Gold to obtain a stay of a mandatory injunction.
The decision, on March 11, came after the mandatory injunction was issued on February 11 by Justice Martin as a result of the decision he handed down in December 2021.
The terms of the mandatory injunction required Vango to issue two specifically formulated offers to Billabong Gold by February 14, 2022, and for it to decide whether it wished to accept one of the offers by no later than March 11.
Billabong Gold sought a stay to defer its obligations until after its appeal against the December 2021 decision had been heard and determined. The stay was refused by the Court of Appeal and costs were awarded against Billabong Gold.
Following its failure to obtain a stay, Billabong Gold accepted an offer from Vango on March 11. The acceptance of this offer will now provide it with an opportunity to earn an interest in, and work with Vango in relation to the K2 tenement by contributing at least $3 million to its development.
Vango says it complied wholly with its obligations in the matter and remains open to a commercial resolution of the appeal with Billabong Gold so that both companies can focus their efforts on developing their operations.
Vango shares were up 5.88 per cent to 3.6 cents at 10:09 am AEDT.
