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Apex Trader Funding (ATF) - News

Almaden Announces Litigation Financing of up to US$9.5 million; Streamlines Arbitration Management

VANCOUVER, British Columbia, June 27, 2024 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (("Almaden" or "the Company", TSX:AMM, OTCQB:AAUAF) is pleased to announce that further to its press release of June 17, 2024, it has confirmed non-recourse litigation funding in the amount of up to US$9.5 million to pursue its international arbitration proceedings against the United Mexican States ("Mexico") under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ("CPTPP"). The Company has also agreed with Almadex Minerals Ltd. ("Almadex") to an extension to the maturity of its gold loan, and a litigation management agreement to help streamline corporate management of the arbitration process. Non-recourse funding secured to pursue international arbitration proceedings against Mexico; Globally leading counterparty validates quality of legal claims; Gold loan maturity pushed out from March 31, 2026 to March 31, 2030; Litigation Management Agreement streamlines corporate management of the arbitration proceedings to save money and time. Litigation Financing The Company has signed a litigation funding agreement ("LFA") with a leading legal finance provider. The facility is available for immediate draw down for Almaden to pursue damages against Mexico under the CPTPP resulting from Mexico's actions which blocked the development of the Ixtaca project and ultimately retroactively terminated the Company's mineral concessions, causing the loss of the Company's investments in Mexico. The LFA provides funding which is expected to cover all legal, tribunal and external expert costs of the legal claims, as well as some corporate operating expenses as may be required. The funding is repayable in the event that a damages award is recovered from Mexico, with such repayment being a contingent entitlement to those damages. The financing follows extensive due diligence by the finance provider. The financing size as well as the quality of the provider is testament to the strength of the Company's legal claims against Mexico. Gold Loan Amendment The Company is also pleased to report that it has agreed with Almadex to extend the maturity of the gold loan (see press release of May 14, ...