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Sunridge Gold Corp awarded costs after winning court battle

The US$2.2mln standby letter of credit payable to Delizia Limited has now been cancelled.
Gavel
The judge came down on the side of Sunridge

Sunridge Gold Corp (CVE:SCG) has received a favourable decision in its appeal heard by the Federal Court of Canada.

The company has successfully appealed a required US$2.2mln standby letter of credit payable to Delizia Limited, which has now been cancelled.

Sunridge had arranged a credit facility with another party while it appealed the initial decision.

The Sunridge appeal was heard by the court on Nov. 25 and 26, 2015, and the judgement was delivered to the parties on April 8, 2016.

The court allowed Sunridge's appeal and has awarded costs to the company.

Earlier this week Sunridge revealed it had agreed to a week's delay in the disposal of its 60% stake in the Asmara Mining Share Company.

The Sichuan Road & Bridge Mining Investment Development Corp (SRBM), which is buying the stake, has agreed with Sunridge that the sale will now complete on April 25.

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Newswire
May 05 2016

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