Exciting Arbitration Claim Developments
Lupaka Gold Corp. is thrilled to share significant news regarding its arbitration case against the Republic of Peru. Recently, the company received a Final Award from the Arbitral Tribunal concerning violations of the Free Trade Agreement between Canada and Peru. This pertains to Lupaka's investments in the Invicta Gold Project, highlighting the ongoing commitment to safeguard shareholder interests and legal rights.
Tribunal's Decision and Financial Implications
The Arbitral Tribunal has upheld Lupaka's claims, ruling that Peru is obligated to compensate the company approximately US$65 million. This amount includes:
1. **Compensation of US$40,400,000**: This full claim amount is subject to compounded interest, reflecting financial burdens that have been incurred since August 2019. The specified rates will apply until the final payment is made, ensuring that Lupaka is justly compensated for the delays.
2. **Reimbursement of Arbitration Costs**: Additionally, the Tribunal has mandated repayment of US$4,215,956.42 for the expenses related to the arbitration process. This amount will also accrue interest from the award date until the payments are concluded, further recognizing the financial impact of this prolonged situation.
CEO's Insights on the Award
Gordon Ellis, the CEO of Lupaka, expressed optimism about the recent ruling. He emphasized that while this award is a successful milestone, it is crucial to acknowledge that the company may face additional challenges before receiving any payments. Ellis noted that navigating through further procedural steps is standard in complex arbitration cases like this one.
Next Steps and Shareholder Engagement
As the situation unfolds, Lupaka is actively collaborating with legal advisors to define the best course of action moving forward. The company aims to keep its shareholders apprised of all developments related to this arbitration. Ellis confirmed that any initial payments following the receipt of the awarded funds will be directed to their funding partner, Benchwalk LP, reinforcing their shared commitment to the case.
Staying Informed on Arbitration Updates
For more details regarding the arbitration proceedings and potential future updates, shareholders and interested parties are encouraged to visit the company’s website. Continuous updates will provide transparency and ensure stakeholders are well-informed about significant advancements in this matter.
Company Support in Legal Proceedings
Lupaka is being represented in these proceedings by the international law firm LALIVE. Renowned for its expertise in international dispute resolution, LALIVE has a proven history in investment arbitration cases, particularly in the mining sector. Their extensive experience is expected to be beneficial throughout the arbitration process.
Financial Backing from Bench Walk Advisors
The case is also supported by Bench Walk Advisors, a prominent litigation financier. With over USD 250 million invested in various commercial cases, Bench Walk's involvement adds considerable stability to Lupaka's ongoing efforts in arbitration. Their reputation in the legal funding industry complements Lupaka’s strategic objectives.
About Lupaka Gold
Lupaka Gold Corp. is dedicated to enhancing shareholder value through diligent identification and development of valuable mining assets. The company remains focused on growth and successful project management.
Contact Information
For further inquiries, please reach out to:
Gordon Ellis, CEO
Email: gellis@lupakagold.com
Tel: (604) 985-3147
Frequently Asked Questions
What is the recent arbitration award received by Lupaka Gold?
Lupaka Gold received a Final Award from the Arbitral Tribunal, mandating Peru to pay approximately US$65 million for claims related to the Invicta Gold Project.
Who represented Lupaka Gold in the arbitration proceedings?
Lupaka Gold is represented by LALIVE, an international law firm specializing in international investment arbitration.
What are the next steps for Lupaka following the award?
The company is currently in discussions with legal counsel to determine the best way to proceed and navigate the collection of awarded funds.
How can I get updates on Lupaka Gold's arbitration status?
Shareholders and interested parties can visit Lupaka's website for ongoing updates and information regarding their arbitration case.
What role does Bench Walk Advisors play in this situation?
Bench Walk Advisors provides litigation financing support, allowing Lupaka Gold to manage costs associated with the arbitration proceedings effectively.
