Bolivar takes on Monarch in legal fight

Bolivar Goldfields (BVG-T) has filed a notice of action in an Ontario court against Monarch Resources (MRE-T) in an attempt to hold the latter to its agreement to sell its Venezuelan assets.

Among those assets is the gold mine known as La Camorra.

Bolivar maintains that, in an agreement dated Sept. 9, Monarch agreed to sell its Venezuelan assets to Bolivar in return for US$13.3 million and 1 million shares of Bolivar.

Bolivar has 30 days to file a statement of claim to initiate the legal action, says Peter Volk, legal counsel for that company.

In a release, Monarch says it terminated the agreement on Oct. 24 after receiving “unfavorable shareholder reaction” to the sale.

Bolivar claims the termination of the agreement was improper and in breach of the agreement. The company is also seeking undisclosed damages.

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