Empire terminates Penny's Find JV

THE battle for the small but profitable Penny’s Find joint venture has taken another turn, with Empire Resources formally terminating the 2015 agreement, kicking out 40% partner Brimstone Resources, which is now in receivership.

Empire terminates Penny's Find JV Empire terminates Penny's Find JV Empire terminates Penny's Find JV Empire terminates Penny's Find JV Empire terminates Penny's Find JV

Participation in Penny's Find did not end well for Brimstone.

Empire said this afternoon that control of Brimstone's share of the permits that comprise the wider JV was with the receiver appointed to Brimstone.
 
Last month Empire beat Brimstone in the Supreme Court, with the minor partner trying to stop Empire recovering a claimed A$1 million arising from unfunded contributions from the pair's now completed open pit mining venture.
 
Empire followed through with threats to exercise its rights under the mortgage and security documents to appoint a receiver to Brimstone in pursuit of the cash that was due on June 6.
 
Brimstone's directors were Paul Williams and Peter McDonald, and they have been among a group of shareholders trying to remove the Empire boar...

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