Metallum Resources - Update on Arrangement Agreement With OneUp Games
18.12.2015 | Marketwire
TORONTO, December 18, 2015 - Metallum Resources Inc. (TSX VENTURE:MRV) ("Metallum") is providing an update on its transaction with 2315257 Ontario Inc. ("OneUp"), the holding company for its operating subsidiary OneUp Games, LLC.Metallum has worked diligently and in good faith for more than seven months to move the transaction forward with OneUp, but has been faced with continual delays from OneUp, primarily with respect to the non-delivery of audited financial statements as required to complete the transaction. Further, Metallum believes OneUp may have breached specific terms of the arrangement agreement between Metallum and OneUp. As a result, Metallum has made a request for certain information from OneUp in order for the Metallum board of directors to best determine how to proceed. Currently, OneUp has refused to provide the requested information. OneUp is instead attempting to take the position that the arrangement agreement between OneUp and Metallum has been terminated, even though OneUp has not taken the appropriate steps under the arrangement agreement to effect its termination.
Metallum is considering its options, including commencing legal action against OneUp, and will take all necessary steps to enforce its rights under the arrangement agreement. Further material updates will be provided as they become available.
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Contact
Metallum Resources Inc.
Robert Suttie, Interim CEO
(416) 848-6865
rsuttie@marrellisupport.ca