Mr. Ryan Kalt reports
DIXIE GOLD INC. EXECUTES SETTLEMENT AGREEMENT WITH OMNIA METALS GROUP LTD
Dixie Gold Inc.
today entered into and executed a settlement agreement dated April 2, 2024, with Omnia Metals Group Ltd. as relates to its prior commencement of legal proceedings (the litigation) as plaintiff against Omnia (see news release dated March 4, 2024).
Pursuant to the settlement agreement, the parties have resolved their differences without admission of liability and provided customary and encompassing mutual releases.
Under the settlement agreement, the corporation received a cash payment, which is expected to exceed its legal expenses related to the litigation and thereafter modestly attribute to the corporation's working capital. Importantly and more materially, the corporation also received confirmation of clear entitlement to funds previously paid by Omnia to the corporation.
The corporation did not make any payments to Omnia under the settlement agreement nor otherwise.
Beyond the above, the corporation views the litigation as having facilitated important material disclosures related to matters then between the corporation and Omnia. With that served, the corporation views the settlement agreement as now eliminating the potential for assertions around specific performance should the corporation otherwise transact on one or more of its assets in the future.
In furtherance of the settlement agreement, the parties involved shall execute customary documentation to conclude court matters that rest under court file No. VLC-S-S-241442.
The corporation does not plan further dealings with Omnia, views the litigation as resolved with a positive outcome and does not intend to make further public statements on the settled matter.
About Dixie Gold Inc.
Dixie Gold is a publicly traded exploration company holding a portfolio of exploration projects in Canada.
We seek Safe Harbor.
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