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New Energy Minerals, Arena Investors agree to mediation of legal disputes

New Energy Minerals Ltd. said Dec. 14 that it agreed with Arena Investors LP to the mediation of their ongoing disputes.

The mediation will take place before Jan. 31, 2019.

New Energy Minerals said its application to set aside the Arena statutory demand will not be heard by the Supreme Court of Western Australia before March 21, 2019.

New Energy Minerals was served in November with a statutory demand notice from Arena related to a convertible note.

Arena is claiming A$5.1 million, including a termination fee of A$2.5 million, which it had agreed to waive, according to New Energy Minerals.

If the parties do not settle their disputes through mediation, New Energy Minerals' court application will proceed.