Golden Star Resources Limited has announced that Future Global Resources Limited (FGR) has defaulted on its obligation to pay the Company’s wholly-owned subsidiary, Caystar Holdings $15 million of the purchase price.
This relates to the sale of Golden Star’s 90% interest in the Bogoso-Prestea Gold Mine to FGR under the share purchase agreement dated July 26, 2020.
This was supplemented by a letter agreement dated September 30, 2020, and amended by a first amending agreement dated March 28, 2021, and a second amending agreement dated May 31, 2021.
FGR has claimed that it is entitled to set-off its obligation to make such payment under the Share Purchase Agreement as a result of various alleged breaches of the Share Purchase Agreement, a claim which Golden Star and Caystar believe to be completely without merit.
Caystar has also demanded that FGR’s major shareholder, Blue International Holdings Limited (BIH), pays the amount of $15 million pursuant to the guarantee made by BIH in the Share Purchase Agreement.
In the event payment is not received from BIH, Golden Star and Caystar are evaluating all available avenues of recourse in order to seek full recovery of amounts owed by FGR under the Share Purchase Agreement.
Latest Stories
-
Let’s prioritize research quality in higher education institutions for industrial growth-Prof. Nathaniel Boso
4 hours -
Herman Suede is set to release ‘How Dare You’ on April 24
8 hours -
Heal KATH: Kuapa Kokoo, Association of Garages donate 120k to support project
8 hours -
KNUST signs MOU with Valco Trust Fund, Bekwai Municipal Hospital to build student hostel
9 hours -
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
9 hours -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
10 hours -
South Africa bursary scandal suspects granted bail
11 hours -
Ecobank successfully repays $500m Eurobond due April 18
11 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
11 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
11 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
11 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
11 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
12 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
12 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
13 hours