Baja Class Action Settlement Agreement Finalized
VANCOUVER, BC--(Marketwired - November 09, 2015) - Baja Mining Corp. ("Baja" or the "Company") (TSX VENTURE: BAJ) (OTCQB: BAJFF) is pleased to report that further to its news release on October 6, 2015 announcing settlement of the Donohue class action litigation (the "Action"), a final settlement agreement has been executed by all parties (the "Settlement"). The Settlement remains subject to the approval of the Ontario Superior Court as described below. The Settlement is made without any admission of liability and the parties have agreed to a settlement amount of CDN $11,000,000.00, inclusive of administration and legal cost of the class, and any other costs or expenses related to the Action or the Settlement. The settlement amount will be covered by Baja's insurers.
The parties have agreed to use their best efforts to effect this Settlement and to promptly secure Court approval and a complete and final dismissal with prejudice of the Action as against the defendants.
"The final resolution of this litigation will remove a heavy burden that Baja has carried for the past three and a half years," stated Tom Ogryzlo, Interim CEO. "This settlement will enable Baja to seek much broader opportunities for creating value for its shareholders."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current estimates, expectations and projections, which the Company believes are reasonable as of the current date. Actual results could differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not be placed on forward-looking statements. Additional risks and uncertainties can be found in the Company's reporting documents filed on SEDAR (www.sedar.com), including its Management Discussion and Analysis. Forward-looking statements are given only as at the date of this press release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.