South American Silver Announces Arbitration Costs Funding Arrangement; Shares Rise 19%
South American Silver Corp. (SAC.TO) has entered into an agreement with a third party funder which will cover South American Silver's future costs and expenses related to the international arbitration proceedings against Bolivia for the expropriation of the Malku Khota project.
The funding is on a non-recourse basis and includes costs and expenses of the enforcement of any award rendered by the arbitral tribunal.
The fund specializes in the funding of international arbitration proceedings and in providing assistance in connection with the enforcement of arbitration awards.
Phillip Brodie-Hall, President and CEO of South American Silver said: "This is a significant milestone for South American Silver and is very good news for our shareholders. The fact that a large and respected international investment fund is prepared to put its money at risk to support our case speaks volumes for the validity and value of our claim against Bolivia. This agreement provides us with the funds we need to pursue our case against Bolivia, at the same time freeing-up cash to allow us to actively invest in our core business of acquiring, exploring and developing quality mineral projects."
SAC shares gained 3.5 cents to $0.22 on volume of 60,000.
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