Vancouver, British Columbia, April 11, 2023 /CNW/- Rusoro Mining Co., Ltd. (TSXV:RML) (of “company” again “Rusoro”) I am pleased to report on the enforcement process relating to the arbitration award against the Republic. Venezuela We’ve taken some important steps and finally got a lot closer to getting compensation. Venezuelan The expropriation of the country’s gold mining assets, which took place in 2011 and which an arbitral tribunal found in 2016 to have violated international law.
first, March 24, 2023judge Leonard Stark of the United States District Court for the District of Delaware Rusoro is a subsidiary of PDV Holding, Inc. (“PDVH“), a subsidiary of Petroleos de Venezuela (“PDVSA“) and an indirect parent of Citgo Petroleum Corp., the fifth largest independent oil refiner in the United States. usa.
In issuing the warrant, the court found that Rusoro proved that PDVSA was the company’s “alternate”. Venezuelaand the Russolo arbitration award, which includes interest, $1.7 billion and US courts washington dc May be enforced against PDVSA assets. The court’s identification of the alter-ego was based on documentary evidence showing that the Venezuelan government effectively controlled PDVSA and treated its assets as its own.
The court’s seizure order is conditional and is subject to the U.S. Office of Foreign Assets Control (“OFAC”), which manages the current US sanctions regime Venezuela and PDVSA authorize the transfer and sale of PDVH shares in satisfaction of the Rusoro judgment and judgments issued to various other creditors. VenezuelaIf OFAC authorizes the sale to proceed (or if Venezuelan sanctions are lifted or changed such that OFAC authorization is no longer required), the U.S. Marshals can issue an accompanying order to proceed with the sale process. . Forward.In preparation for this, Russolo Delaware The court finds that judgment to be an “additional judgment,” ie, a judgment that may be satisfied through a court-ordered sale of PDVH shares.
Second, a special court-appointed master continues work to develop sales procedures to govern the sale of PDVH shares using criteria designed to maximize the proceeds from the sale. PDVSA and Venezuela It sought to remove the Special Master from the case because he had been in contact with OFAC.upon March 30, 2023, Delaware The court Venezuela Efforts of both parties to disqualify the Special Master and allow him to continue his work on the PDVH stock auction process.
Third, Venezuela Parties are March 30, 2023 I heard that if they appealed the order granting the conditional seizure warrant, the order would automatically be “sold.” Delaware Submit to the competent court and request that all work related to the sale be stopped. Judge Stark did not rule on this position, but suggested that if he believed the proceedings should be stayed pending appeal by PDVSA, it would be prudent to file a motion. resulting in, April 6, 2023PDVSA has prepared a formal motion seeking a “stop” or suspension of all work on the sales process during the appeal process. April 10thJudge Stark ordered to file an opposition to that motion. April 18, 2023; Russolo intends to object.
Andre AgapovRusoro’s CEO said: Delaware The Court’s decision authorizing Rusoro and other creditors to enforce PDVH’s shares and their refusal to disqualify them from the Special Masters or to determine that they cannot continue the sales process, It is a big step forward for foreign investors whose treaty rights have been trampled. VenezuelaCourt decisions establish the rule of law and Venezuela If PDVSA continues to lose in court, they should adopt a non-compromising stance rather than continue wasting valuable resources fighting the consequences of arbitration they agree to respect, especially if a judgment is reached. You should reconsider and try to reach a responsible and reasonable solution with your creditors.Against Venezuela Interest continues to accrue. Rusoro is Venezuela refuse to pay a legal judgment for it. “
On behalf of the Board of Directors
“Andre Agapov”
Andre AgapovPresident and CEO
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Forward-Looking Statements:
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Risks and uncertainties that could cause actual results to differ include, but are not limited to, availability of funding. fluctuations in commodity prices; changes in and compliance with applicable laws and regulations, including environmental laws and obtaining required permits; Political, Economic and Other Risks. Other risks and uncertainties are detailed in our annual and quarterly management discussions and analyzes and other filings we have made with Canadian securities regulators and include: Available on website. www.sedar.comRusoro undertakes no obligation to update or revise any forward-looking information or statements except as required. “
