Ru­soro Min­ing awarded $1.3B (U.S.) by On­tario court

Ru­soro Min­ing Ltd. has ob­tained a judg­ment against Venezuela in the Su­pe­rior Court in On­tario for over $1.3-bil­lion (U.S.). The judg­ment was is­sued on de­fault as a re­sult of Venezuela’s fail­ure to ap­pear. Venezuela seized Ru­soro’s min­ing prop­er­ties.

Stockwatch Daily - - FRONT PAGE - Mr. An­dre Agapov re­ports

RU­SORO MIN­ING Ltd. has ob­tained a judg­ment against the Re­pub­lic of Venezuela in the Su­pe­rior Court of Jus­tice in On­tario, Canada, in ex­cess of $1.3-bil­lion (U.S.). The judg­ment, which was is­sued on de­fault as a re­sult of Venezuela’s fail­ure to ap­pear be­fore the On­tario court, arises out of Ru­soro’s dis­pute with Venezuela over the South Amer­i­can na­tion’s seizure of its gold min­ing prop­er­ties in the coun­try. The Cana­dian judg­ment, which con­firmed an ar­bi­tra­tion award is­sued in Ru­soro’s favour in the same amount, was is­sued on April 25, 2017. Venezuela has not ap­pealed or sought to va­cate the judg­ment, and its time to do so has ex­pired.

Ru­soro fur­ther an­nounces that it has filed suit in the Supreme Court of the New York State (New York county) seek­ing recog­ni­tion of the Cana­dian judg­ment. Cana­dian court judg­ments are pre­sump­tively en­ti­tled to recog­ni­tion in New York un­less the Cana­dian judg­ment suf­fers from cer­tain spe­cific de­fects, and Ru­soro is con­fi­dent that no such de­fects ex­ist and that the Cana­dian judg­ment will be rec­og­nized promptly. Ru­soro brought the New York law­suit in ad­di­tion to an ac­tion it filed in the U.S. District Court for the District of Columbia, which seeks recog­ni­tion of and the en­try of judg­ment on the orig­i­nal ar­bi­tra­tion award.

The D.C. ac­tion has been fully briefed since sum­mer, and Ru­soro re­mains con­fi­dent that the D.C. court will con­firm the award in the near fu­ture. A favourable rul­ing from ei­ther the New York or D.C. court will en­ti­tle Ru­soro to use all le­gal pro­ce­dures — in­clud­ing broad dis­cov­ery from both Venezuela and third par­ties — that U.S. law pro­vides judg­ment cred­i­tors. Any judg­ment is­sued in New York will also ac­crue in­ter­est at 9 per cent per an­num un­til the judg­ment is fully paid.

We seek Safe Har­bor.

An­dre Vladimir Agapov, Vladimir Pavlovich Agapov, Peter Hedi­ger, Jay M Kaplowitz, Gor­don Bruce Keep, Abra­ham Stein, Dmitry Ushakov

(RML) Shares: 544,770,623

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