Global Gold Corporation (GBGD) 0.0200 $GBGD
International Arbitration Issues Final Award, Granting Over $10.8 Million Damages and Additional Relief in Favor of Global Gold Against Caldera Resources Related to Marjan Gold Mine in Armenia
GlobeNewswire - Wed Nov 12, 9:31AM CST
Global Gold Corporation (OTCQB:GBGD) is pleased to announce that in an International Centre for Dispute Resolution Final Award Retired Justice Herman Cahn as the sole arbitrator ruled in favor of Global Gold on damages and a range of other outstanding issues. The total damage award is $10,844,413 with interest at 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 million is punitive damages for the defamatory publications by Caldera's principal Vasilios Bill Mavridis against Global Gold and its principals. This Final Award terminates the arbitration proceedings which Caldera instituted against Global Gold in 2010. Global Gold prevailed in the first, liability phase of the arbitration and four prior court cases, as summarized and reported in April 2013. Global Gold again thanks outside counsel Brian Cousin and his team at Dentons www.Dentons.com --particularly for their tenacious work in uncovering Caldera's securities law violations. With all the legal processes complete, Global Gold is now continuing with the development of the Marjan property and enforcement of the rulings issued. A full copy of the 42 page Final Award as well as the other rulings is available at the Global Gold website: www.globalgoldcorp.com.
International Arbitration Issues Final Award, Granting Over $10.8 Million Damages and Additional Relief in Favor of Global Gold Against Caldera Resources Related to Marjan Gold Mine in Armenia
GlobeNewswire - Wed Nov 12, 9:31AM CST
Global Gold Corporation (OTCQB:GBGD) is pleased to announce that in an International Centre for Dispute Resolution Final Award Retired Justice Herman Cahn as the sole arbitrator ruled in favor of Global Gold on damages and a range of other outstanding issues. The total damage award is $10,844,413 with interest at 9% and penalties continuing to accrue if Caldera does not comply with the equitable relief granted. Of the total damage award, $3 million is compensation and $1 million is punitive damages for the defamatory publications by Caldera's principal Vasilios Bill Mavridis against Global Gold and its principals. This Final Award terminates the arbitration proceedings which Caldera instituted against Global Gold in 2010. Global Gold prevailed in the first, liability phase of the arbitration and four prior court cases, as summarized and reported in April 2013. Global Gold again thanks outside counsel Brian Cousin and his team at Dentons www.Dentons.com --particularly for their tenacious work in uncovering Caldera's securities law violations. With all the legal processes complete, Global Gold is now continuing with the development of the Marjan property and enforcement of the rulings issued. A full copy of the 42 page Final Award as well as the other rulings is available at the Global Gold website: www.globalgoldcorp.com.
