Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Venus has confirmed last Thursday it served the writ of summons to Spectrum and involved parties, despite Spectrum initially denying this
  • Last week, Venus commenced legal action against Spectrum, Zebra Minerals, DJ Carmichael and directors Paul Adams and Davide Bosio
  • The defendants have been taken to the Supreme Court over breach of obligation claims regarding the Penny West project
  • The parties will start preparing their statements of claim and defence
  • Venus Metals’ share price is down 2.70 per cent, with shares trading at 18 cents
  • Spectrum Metals’ share price is also down by 5.48 per cent, with shares trading at 6.9 cents apiece.

Venus Metals has confirmed last Thursday, October 10 2019, it served the writ of summons to Spectrum Metals and other involved parties.

Spectrum Metals denied being served with any proceedings.

However, today’s announcement confirmed Spectrum and its subsidiary Zebra Minerals, were served at 1:41 pm on October 10.

Last week, Venus commenced legal action in the Supreme Court of Western Australia against Spectrum, Zebra Minerals, stockbroker company DJ Carmichael, and directors Paul Adams and Davide Bosio.

The allegations relate to a breach of trust and misuse of confidential information shared with DJ Carmichael directors, Paul and Davide.

Last year, Venus discussed its intention with Spectrum to acquire the Penny West project. The company believes Spectrum and directors exploited this information to acquire Penny West for itself.

In December 2018, Spectrum completed the acquisition of the gold project and is now the sole owner.

Venus has reported the defendants have now “appeared” to the Court proceedings and have submitted to the jurisdiction of the Supreme Court.

Spectrum previously stated its intention to “vigorously” defend the proceedings and will consider any counterclaim against Venus.

Thus far, the defendants are reportedly cooperating.

The next stage will see the parties prepare, file at the Court and provide to each other their statements of claim and defence.

Venus has written to the Court yesterday and requested the matter be entered in the Court’s “Commercial and Managed Cases” list to ensure it progresses efficiently and without delay.

Venus Metals’ share price is down 2.70 per cent, with shares trading at 18 cents apiece as at 1:42 AEDT.

Spectrum Metals’ share price is also down by 5.48 per cent, with shares trading at 6.9 cents apiece.

VMC by the numbers
More From The Market Herald

" Creso Pharma (ASX:CPH) signs potential partnership with Gotro for Sierra pet products

Creso Pharma (ASX:CPH) signs a heads of agreement with leading pet care distributor, Gotro Global, to…

" Mighty Craft (ASX:MCL) signs agreement with DB Breweries and Better Beer in New Zealand

Mighty Craft (ASX:MCL) has signed a binding agreement with DB Breweries and Better Beer Company to…
Nordic Nickel (ASX:NNL) - Managing Director, Todd Ross

" Nordic Nickel (ASX:NNL) releases maiden MRE for Hotinvaara Prospect, Finland

Nickel sulphide explorer Nordic Nickel (ASX:NNL) has released a maiden mineral resource estimate (MRE) for the…
Spirit Technologies (ASX:ST1) - CEO and MD Julian Challingsworth

" Spirit Technology (ASX:ST1) appoints Julian Challingsworth as CEO and MD

Spirit Technology (ASX:ST1) has appointed Julian Challingsworth as its new CEO and Managing Director, effective immediately.