- Litigation funding secured through Delta Capital Partners Management LLC, US-based global private equity and advisory firm specializing in litigation and legal finance (the "Litigation Funder")
- Funding will be utilized to support Winshear Gold’s legal proceedings against the Government of Tanzania
- Winshear Gold is seeking compensation for the illegal expropriation of the SMP Gold Project and loss of the asset
VANCOUVER, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Winshear Gold Corp. (TSX-V: WINS) ("Winshear" or the "Company") provides the following update on arbitration activities related to the expropriation of the SMP Gold Project (the “Project”) by the Government of Tanzania.
Winshear is pleased to advise that it has completed a Litigation Funding Agreement (the “Agreement”) with an affiliate of the Litigation Funder. The Agreement provides for funds to be drawn from a financing facility to meet all fees and expenses relating to the pursuit of certain claims against the Government of Tanzania for the illegal expropriation and loss of the SMP Gold Project, including all costs associated with legal proceedings, media/public relations, geopolitical efforts, and, if necessary, enforcement, of any awards.
Mark Sander, President of Winshear Gold, commented, “Winshear’s legal representatives, Lalive, backed by the financial support of the Litigation Funder, have been engaged to aggressively pursue compensation for the illegal activities of the Government of Tanzania in expropriating the SMP Gold Project. Lalive is highly experienced in arbitration cases in Tanzania with a track record of success for its clients.”
Background information on the arbitration case is contained in Winshear’s press releases of:
- January 10, 2020, which announced delivery of the required 180-day notice of intent to file arbitration proceedings to the Attorney General of Tanzania; and
- July 14, 2020, which announced the commencement of international arbitration proceedings after the 180-day notice period had expired without response from the Government of Tanzania.
Compensation being sought for expropriation of the SMP Gold Project may include, but will not be limited to, the value of the historic investment made by Winshear in Tanzania, the value of the project at the time that tenure was expropriated and damages the Company has suffered as a result of Tanzania’s acts and omissions.
The Company is not able to make any comment in relation to the potential quantum of any claim for compensation at this point.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Sander”
Dr. Mark V. Sander
President
For more information, please contact Irene Dorsman at (604) 210-8751 or visit www.winshear.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautions Regarding Forward-Looking Statements
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the risks normally involved in the exploration, development and mining business or as may be otherwise set out in the Company’s filings with Canadian securities regulatory agencies. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.