Khan Resources has filed an appeal in an Ontario court challenging a March decision that upheld Atomredmetzoloto JSC’s appeal to stop Khan Resource’s lawsuit against the Russian miner.Khan Resources claims that ARMZ, which is a government-owned company, interfered with its uranium interests in Mongolia, and is seeking damages of USD 302.8 million. The company was seeking to, among other things, restore a prior order of the Superior Court of Justice that validated service of the statement of claim on ARMZ, which the Russian government has since refused to serve on the company.
Khan Resources has also announced a private placement to raise USD2.31 million. The proceeds of the offering will be used to advance its international arbitration case for CAD200 million against the Government of Mongolia, related to the ARMZ issue.