TORONTO--(BUSINESS WIRE)--DNI Metals Inc. (DNI: CSE; DNMKF: OTC) ("DNI" or the "Company")
On September 24, 2018 a Settlement Agreement (the “Agreement”) was reached between DNI and Cougar Metals NL (“Cougar”) with respect to DNI’s Vohitsara Property in Madagascar.
On July 24, 2019, DNI issued Cougar a default notice – that default is currently the subject of arbitration procedures between DNI and Cougar.
On November 5, 2019, DNI issued Cougar a second default notice for failure to observe the non-disparagement and confidentiality obligations in the Agreement.
The Agreement provides that DNI is entitled to suspend payment of the balance of the amount owing under the Agreement pending determination of any dispute regarding Cougar’s breach by the arbitrator.
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