#Avz company update

The Company notes any such transfer would be subject to the terms and conditions of the existing articles of association of Dathcom as well as the Dathcom shareholders' agreement dated 27 January 2017 (as amended from time to time) (Shareholders Agreement). įiling of response to Jin Cheng proceedingsĪVZ International Pty Ltd (AVZI) has filed its response to the ICC proceedings rebutting the meritless claim that La Congolaise D'Exploitation Miniere SA (Cominiere) has transferred a 15% interest in Dathcom Mining SA (Dathcom) to Jin Cheng.

#Avz company update

The statement continued that AVZ “has and continues to comply with the Company’s disclosure obligations under the Corporations Act and the ASX Listing Rules.”ĪVZ Minerals has not reported any legal representation for the class action, while the company shareholders have hired Australian firm Johnson Winter Slattery.Īccording to Omni Bridgeway, shareholders who bought AVZ shares between 17 March 2021 and are currently eligible to sign up for the class action.AVZ Minerals Limited (ASX: AVZ, OTCQX: AZZVF) (AVZ or Company) provides an update on the arbitration proceedings before the International Chamber of Commerce in Paris (ICC) instigated by Jin Cheng Mining Company Limited (Jin Cheng), a subsidiary of Zijin Mining Group Company Limited (Zijin), as previously advised in its ASX Announcement dated. It will claim that, consequently, the value of the shares was artificially inflated due to the information withheld from public disclosure.ĪVZ said in a statement on 23 December 2022: “No proceedings have been served on AVZ in connection with Omni Bridgeway’s announcement, nor has Omni Bridgeway or lawyers connected with Omni Bridgeway made any contact with AVZ.” The class action will allege that AVZ broke its obligations under the Corporations Act and the Australian Stock Exchange Listing Rules to tell its shareholders about the Jin Cheng Mining stock transfer and the valid shares certificate held by Dathomir.

However, on it was reported that Cominière had transferred a 15% stake in Dathcom to Jin Cheng Mining Company, and a claim by Dathomir for 15% of the shares in the operation came to light after a DRC tribunal approved the validity of its share certificate. Two additional companies, Dathomir Mining Resources SARL and a DRC entity, La Congolaise D’Exploitation Minière ( Cominière ) also hold stakes in the project.ĪVZ claimed to have “rights of first refusal” over additional project equity, and on 18 July 2021 released a statement that it had secured 75% of the project. Perth, Australia-headquartered AVZ holds its stake in the Manono project through a wholly owned subsidiary, which holds equity in Dathcom Mining SA, the company which currently has 100% ownership of the operation. Its shares were suspended voluntarily from the Australia Stock Exchange on and remain suspended at the time of writing. Shares in AVZ plunged 21% from USD 0.99 to USD 0.78 by close of trading on, after the group responded to “media speculation” on matters affecting its stake in the Manono project. The class action alleges AVZ neglected to pass along vital information to shareholders, resulting in a financial loss, and will be funded by litigation finance company Omni Bridgeway. Shareholders of mineral exploration company AVZ Minerals (AVZ) are set to file a class action against the Australian mining group over a dispute linked to the Manono Project, one of the largest global lithium-rich pegmatite deposits in the Democratic Republic of Congo, which provide lithium, caesium and tantalum. An Australian mining company faces a shareholder class action over an alleged failure to disclose corpora.Īn Australian mining company faces a shareholder class action over an alleged failure to disclose corporate details of its mining project in Democratic Republic of Congo.