Sign up
Mining Capital

Cape Lambert Resources granted interim injunction by High Court of Sierra Leone

Cape Lambert recently commenced legal action over Timis Mining funding.
Tony Sage, executive chairman, Cape Lambert Resources

Cape Lambert Resources (ASX:CFE) recently commenced legal action over Timis Mining funding, and has now outlined that it has been granted an interim injunction by the High Court of Sierra Leone.

Tony Sage, executive chairman, commented:

"This is the first step on the way to recover the funds due to Cape Lambert shareholders."

Earlier in the week Sage said:

"We have been patient in trying to settle this matter through consultation, however to recover the $US8 million loan plus interest and the outstanding $US2.5 million royalties this action appears to be the only avenue available to us."

The court made orders as follows:

1. Mr Craig Dean (First Defendant), Gerald Metals Limited (Second Defendant) and Mr Frank Timis (Third Defendant) (jointly the Defendants) whether by themselves, and/or through their principals and agents, are restrained from liquidating Timis Mining Corporation (SL) Ltd (Fourth Defendant);

2. Counsel for the Company has served the Defendants with a Writ of Summons against them instituting this action as well as all documents in respect of this matter; and

3. Costs in the cause.

Register here to be notified of future CFE Company articles
View full CFE profile View Profile
View All

Related Articles

© mining Capital 2018

Mining Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed mining companies to interact with institutional and highly capitalised investors.
Headquartered in London, Mining Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.