Dynaresource, Inc 8-K, filed Feb 16, 2022
Dynaresource, Inc. (DYNR)
About this 8-K
Dynaresource, Inc filed this 8-K on February 16, 2022, reporting on events of January 14, 2022.
Items reported
- Item 8.01: Other events
CURRENT REPORT FOR ISSUERS SUBJECT TO THE
1934 ACT REPORTING REQUIREMENTS
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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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Item 87.01 Other Events.
London Court of International Arbitration
On January 27, 2022, DynaResource, Inc. (the “Company”) received word from its counsel that the London Court of International Arbitration issued a First Final Partial Award (the “Partial Award”), in favor of Mercuria Energy Trading S.A., a Swiss company (“Mercuria”) and against Mineras de DynaResource S.A. de C.V. (“Mineras”), a subsidiary of the Company which is chartered in Mexico and whose offices are also located in Mexico.
The Partial Award requires that Mineras pay Mercuria the sum of $1,676,014 for an undersupply of metal concentrate production between October 2019 and December 2020. The Partial Award also requires that Mineras pay Mercuria the sum of $146,659 in connection with a net overpayment by Mercuria for metal concentrates.
The arbitration panel retained jurisdiction to address any outstanding fees and expenses.
The Company notes the following: since Mineras is a company of Mexican nationality, under Mexican law Mineras has the right to legally oppose the recognition and enforcement of the Partial Award and any supplemental award.
Recent Change of Law in Mexico
Due to a recent change of law in Mexico, the outsourcing role that Mineras has played for the Company’s mining operations in Mexico, was no longer consistent with Mexican law. Consequently, the contractual relationships between Mineras and DynaResource de Mexico, S.A. de C.V., as owner of the mines, has been terminated.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DYNARESOURCE, INC. |
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| By: | /s/ K.W. Diepholz |
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| Name: | K.W. Diepholz |
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| Title: | Chairman and CEO |
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