VANCOUVER, BC, Jan. 9, 2024
/CNW/ - Rusoro Mining Ltd. (TSXV: RML) (the
"Company" or "Rusoro") announces that last year,
the U.S. Court of Appeals for the Third Circuit ruled that various
parties holding judgments against the Republic of Venezuela, including Rusoro Mining Ltd., were
entitled to enforce their judgments against property owned by
Petroleos de Venezuela
("PDVSA"), the Venezuelan state-owned oil conglomerate, on
the grounds that PDVSA was the corporate alter-ego of the
Venezuelan state. On this basis, the U.S. District Court for the
District of Delaware has commenced
a sale process whereby the shares of PDV Holding, Inc., a company
100% owned by PDVSA and the indirect owner of CITGO Petroleum
Corporation, are to be sold in satisfaction of the Venezuela creditors' judgments. Venezuela and PDVSA asked the U.S.
Supreme Court to review this ruling, and on January 8, 2024, the Supreme Court refused to
hear the case, meaning that the Third Circuit's ruling is final and
unappealable.
Further, on January 8, 2024, the
Delaware court designated certain
of the judgment creditors in the case, including Rusoro, to be
"Additional Judgment Creditors", meaning that they are entitled to
share in the proceeds of the sale of the PDV Holding, Inc. shares
when they are auctioned. Non-binding bids are due on January 22, 2024, and the auction is scheduled to
take place in July 2024.
ON BEHALF OF THE BOARD
"Andre Agapov"
Andre Agapov, President & CEO
604-609-6110
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-looking
statements:
"This press release contains "forward-looking information"
and "forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of Rusoro Mining Ltd. in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Rusoro's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedarplus.ca. Rusoro
Mining Ltd. disclaims any obligation to update or revise any
forward-looking information or statements except as may be
required."
SOURCE Rusoro Mining Ltd.