Spectrum Metals (ASX:SPX) defends court proceedings

Company News

by Katrina Bullock

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.

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.