MGX Minerals Issues $2,985,000 Repayment Request to Zinc 8 Energy Solutions Inc. and Provides Litigation Update
Monday, November 11, 2019 1:37 PM
VANCOUVER, BC / ACCESSWIRE / November 11, 2019 / MGX Minerals Inc. ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTCQB:MGXMF) provides the following litigation update covering litigations currently involving the Company. All claims against the Company have been accounted for in the financial statements of the Company, as they are vendor payable or consultants' wages and expenses claims, The Company has no reason to believe any legal outcome is likely to significantly exceed amounts already accounted for and amounts may be significantly less as a number of the claims are contested. All claims are filed in the Supreme Court of British Columbia and full details are available on the website justice.gov.bc.ca. As a result of these and other liabilities MGX has issued a letter of demand to Zinc8 Energy Solutions Inc. for amounts owed of $2,985,000 dated November 5, 2019 with a request for payment or payment plan within 7 days.
Significant outstanding claims against and versus MGX:
AIS Resources, Filed November 1, 2019
Lions Gate Management Group Ltd., Filed September 12, 2019
Randy Keller, Filed September 11, 2019
Blue Sun Productions Inc., Filed June 18, 2019
Marc Bruner, Filed May 18, 2018
Significant outstanding claims by MGX:
Lyndon Patrick and Michael Reimann, Filed October 10, 2019
In addition, MGX is currently in arbitration with Dawson Geophysics Inc., regarding a planned geophysics program for its Utah Petrolithium project in 2017-2018 that was never executed. Dawson Claims approximately $250,000 USD in direct preparation costs and has requested additional amounts for additional preparation and lost opportunity because the program was never executed. MGX claims that it was not the operator and that by expert opinion the program was six times as large as it should have been for no practical reason and that MGX was taken advantage of due to limited experience in oil and gas exploration by both Dawson and the Operator.
About MGX Minerals
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets. Learn more at www.mgxminerals.com.
President and CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
SOURCE: MGX Minerals Inc.