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New Energy prepares A$17M counterclaim as Arena sues for A$5.1M

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New Energy prepares A$17M counterclaim as Arena sues for A$5.1M

Arena Structured Private Investments (Cayman) LLC filed a writ of summons in the Supreme Court of Western Australia claiming about A$5.1 million from vanadium and graphite-focused New Energy Minerals Ltd., based on debts allegedly owed by the latter under an unsecured convertible note deed.

A previous statutory demand from Arena related to the claim was set aside by the Supreme Court of Western Australia in July, New Energy said Dec. 24.

New Energy said it will defend the claim and launch a counterclaim estimated at some A$17 million against Arena for damages arising from its breach of the unsecured convertible note deed.

The company noted that it considers the termination payment to be void due to being a penalty.