Evolving Gold (EVG-V) has agreed to pay $150,000 in an out-of-court settlement to a former director who sued the company for his services related to a recently completed private placement.
Daniel Wolfus originally claimed the company owed him $300,000 as a broker’s fee or finder’s fee for services rendered. He resigned after the settlement was reached.
Evolving Gold’s most recent financing was in November 2009 for $11.1 million. The company announced the lawsuit in February.
Evolving Gold says it still believes in the merits of its defence and says neither the settlement amount nor the fact that the company settled at all should be considered an admission of any liability.
Evolving Gold is working on the Rattlesnake Hills gold project near Casper, Wyo., and on its Carlin gold project on the south portion of the Carlin trend in northern Nevada.
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