Emerita Resources (TSXV: EMO) has requested a delay in the administrative court proceedings as they relate to the awarding of the Aznalcollar project in Spain. The request was conducted on the advice of the firms Spanish legal council.
While shareholders may be quick to come to conclusions on the decision, the company explains that the request is simply so that the resolution within the administrative case does not impact the currently ongoing criminal case related to the asset. The resolution of the administrative case as a result has been requested to be suspended until the criminal court trial is resolved.
“The Company views this decision as very positive. The criminal case has been supported unanimously by five judges, that have articulated the irregularities in detail. The Administrative Court indicating that it considers the facts to be substantially the same as the Criminal Court supports the expectation that the cases will be resolved in line with the court rulings we have seen to date,” said Damian Lopez, corporate secretary of Emerita.
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Given that the relevant facts in both the criminal court case and the administrative court case are “essentially identical,” resolution of the criminal case first will enable all evidence presented within that trial to be utilized in resolving the administrative case. A significant delay following the resolution of the criminal case is not expected, given that the court has already reviewed the case.
In terms of the criminal case, a hearing has not yet been set, although the court and judges that will oversee the case have been selected. A date for the hearing is expected to be released soon, with the hearing expected to take between two and three weeks due to the amount of people involved.
Emerita Resources last traded at $2.02 on the TSX Venture.
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