Spectrum Metals (ASX:SPX) was in the Supreme Court of Western Australia yesterday for the proceedings commenced by Venus Metals Corporation (ASX:VMC).
The proceedings relate to the acquisition of the Penny West Gold Project. Venus Metals alleges breaches of fiduciary duty, breaches of confidence and misuse of information in relation to the acquisition.
Spectrum is expected to file its defence on 11 November 2019 and says it “is doing all things necessary to ensure the matter is able to proceed to trial as soon as possible”. The court has reserved 8 hearing days from 3 to 12 March 2020 for a trial.
The Board of Spectrum reiterated its position that the claim made by Venus Metals will be vigorously defended.
Shares in Spectrum Metals (ASX:SPX) closed 1.41 per cent higher at 7.2 cents yesterday.