TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- Continental Precious Minerals Inc. (TSXV:CZQ.H-V), (“Continental”, the “Company”) reports that it has agreed to settle the action and counterclaim involving Edward Godin, the Company’s former President and Chief Executive Officer in the Ontario Superior Court of Justice bearing court file no. CV-13-481252 (the “Action”).
Continental believed it had a strong case against Mr. Godin on the merits. However, the Company was of the view that collecting on any judgment against Mr. Godin would be difficult, at best, and believes that a settlement avoids the uncertainty, expense, and inconvenience associated with continued litigation.
As a term of settlement of the Action, Continental has agreed to pay $125,000.00 towards Mr. Godin’s legal costs, and $175,000.00, minus withholdings for taxes of $52,500.00, to Mr. Godin for a total payment of $300,000.00.
Continental Precious Minerals Inc.
Norman Brewster
Interim CEO
416-203-7722
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