Rusoro Completes Gold Reserve Settlement
cnw
Trading symbol (TSX-V): RML
VANCOUVER, Oct. 17, 2012 /CNW/ - Rusoro Mining Ltd. (the "Company" or "Rusoro"). Further to the Company's news release of September 20, 2012
announcing the settlement of all legal proceedings involving Gold
Reserve Inc. ("Gold Reserve"), the Company announced today that an
order has been obtained from the Ontario Superior Court of Justice
dismissing the legal action brought by Gold Reserve against Rusoro, and
the counterclaim brought by Rusoro against Gold Reserve. Rusoro has
paid Gold Reserve $250,000, issued Gold Reserve 2,500,000 common shares
at a deemed value of $0.10 per share and issued Gold Reserve a
conditional promissory note in the amount of $1,000,000. The
promissory note will only become due and payable in the event that
Rusoro is successful in the litigation it has commenced against the
Venezuelan Government seeking compensation for the nationalization of
Rusoro's gold assets in Venezuela (the "Venezuelan Litigation").
The Company also announced that it has entered into a trust agreement
and contribution agreement whereby it has agreed to pay to a trust
established for management and the board of directors cash equal to 2%
of the proceeds received by the Company in the event the Company is
successful in the Venezuelan Litigation.
ON BEHALF OF THE BOARD
