Dampier Gold (ASX:DAU) secured A$1 million ($730,000) in funding for its legal proceedings against Vango Mining (ASX:VAN) in the Supreme Court.
Auracle Group agreed to subscribe for an initial share placement of A$300,000 and provide a loan of up to a further A$700,000, subject to the approval by Dampier Gold shareholders, according to a Wednesday news release.
The proceedings, which started May 26, included claims for Dampier Gold’s beneficial interest in the K2 gold project in Western Australia, a joint venture between the company and Vango Mining.
If the dispute cannot be resolved through mediation, Dampier Gold said it will seek to have the proceedings listed for trial in 2021.
Dampier Gold shares closed 5% higher Wednesday.
Price (AUD): $0.07, Change: $0.00, Percent Change: +4.84%
