Monument Mining Limited (MMY.V) announced that it has settled an outstanding legal disagreement with Tulum Corp. and its sole-shareholder, Mr. Francois Marland.
Tulum and Marland had claimed damages against the Company in connection with various matters, including the company's cancellation of the proposed private placements to Tulum which the company had originally announced in 2011 and 2012, the Company's decision not to proceed with transactions that Tulum had invested in, and the company's acquisition of the remaining 30% of its Mengapur Project where Tulum had previous dealings with the vendor of the Mengapur Project.
As per the terms of the settlement agreement, Monument has agreed to make two cash dispersals to Tulum of $6 million each by March 1, 2013. In turn, Marland has agreed to invest $6 million for the purchase of 12 million shares in the Company's brokered private placement.
Tulum and Marland have also agreed to fully support Monument's management and the present Board of Directors for a period of 12 months from the date of the agreement and to release Monument and its directors and officers from any claims related to these matters.
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