Khan Resources announced that the company and the Government of Mongolia have signed the settlement documentation required for the release of 70 million USD to Khan Resources from an escrow agent located in New York, as agreed upon following litigation.
The Canadian mining company reported that joint instructions will be issued to the escrow agent to transmit the funds to Khan Resources. Khan’s counsel will secure a dismissal order from the United States District Court in Washington, D.C. of Khan’s petition for certification of the international arbitration award rendered on March 2, 2015, in favor of Khan.
The company says it is continuing to investigate and detail options to distribute the majority of the funds remaining, after discharge of liabilities and obligations, to shareholders in a tax-efficient and timely manner. The process may entail multiple tranches, according to Khan.
Khan Resources says that the company’s primary objectives have now been met, and Martin Quick and Raffi Babikian have announced their retirement from the company’s board of directors