CauldronEnergy Ltd. said March 29 that it has recovered over A$2.5 millionin satisfaction of the judgment debt owed by Beijing Joseph Investment Co. Ltd.and Joseph Investment International Ltd.
Cauldron reached an agreement March 24, under which BeijingJoseph Investment and Joseph Investment International made payment of aboutA$530,539 in interest, damages and costs. The remaining A$2 million was paid byMGT Resources Ltd. inexchange for Cauldron shares that were to be issued to Beijing JosephInvestment and Joseph Investment International.
In January, the Supreme Court of Western Australiaruled in favor of CauldronEnergy regarding its claim that Beijing Joseph, Joseph Investment and GuangzhouCity Guangrong Investment Management Co. Ltd. breached their respectiveplacement agreements in 2014 and entered a judgment in favor of the company.The court ordered the companies to pay A$3 million plus interest and damages toCauldron Energy.
The company is enforcing payment of the remaining A$1million plus interest due and payable by Guangzhou City in accordance with thepowers under the Civil Judgments Enforcement Act.
Meanwhile, a holding lock is in place over shares owned byGuangzhou City.