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BRIEF-IMX Resources updates on liquidation of Termite Resources

Published 21/09/2015, 09:37 am
© Reuters. BRIEF-IMX Resources updates on liquidation of Termite Resources
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Sept 21 (Reuters) - IMX Resources Ltd IXR.AX :

* Says a letter of demand has been received from the liquidators of Termite

* Notes that no claim is made against Sichuan Taifeng nor is any claim made against incorporated JV company, Outback Iron Pty Ltd

* Claim ignores the fact that joint venture loans were repaid well before the appointment of administrators

* Basis of claim is that Termite should not have repaid loans to Outback until life of mine obligations under mining and logistics contracts were provisioned for

* Termite directors and officers are expected to be insured against any claims against them, if ultimately successful

* Says legal costs incurred to date by directors and officers of termite, have been reimbursed by insurers

* Says will discuss the claim with the Termite liquidators and intends to, if necessary, vigorously defend the claim

* Source text for Eikon ID:nASX4rQP04

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