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NEW YORK - Blue Gold Limited (NASDAQ:BGL) clarified Friday that a recent Supreme Court of Ghana ruling dismissing its certiorari order does not represent a final judgment on the merits of its Bogoso-Prestea Mine dispute. The gold developer, currently trading at $0.78 per share, has seen its stock decline 4.74% over the past week amid the ongoing legal uncertainty.
The Supreme Court on November 18 dismissed an order filed by FGR Bogoso Prestea Ltd. and Blue Gold Bogoso Prestea Ltd., a subsidiary of the company, regarding jurisdiction questions in the ongoing legal battle.
Blue Gold emphasized that the ruling addressed a procedural matter about whether the High Court properly denied jurisdiction to consider the first application for judicial review. The question will still be considered by the Court of Appeal.
The company has additional legal proceedings in progress, including another Judicial Review appeal awaiting a Court of Appeal hearing and a Human Rights claim with an injunction application scheduled for High Court review on December 18.
Separately, Blue Gold and FGR are pursuing international arbitration against Ghana under the bilateral investment treaty between the UK and Ghana, seeking damages estimated to exceed $1 billion.
Despite these legal actions, the company stated it continues to prioritize reaching an "amicable, negotiated settlement with Ghana," and has allocated funds that could be immediately invested in the mine if an agreement is reached.
Blue Gold Limited describes itself as a gold development company focused on acquiring mining assets across global jurisdictions. The information was provided in a company press release.
In other recent news, Blue Gold Ltd has announced several significant developments. The company completed a second closing of its securities purchase agreement, issuing a senior convertible note and warrants totaling $1.63 million. This note, maturing in 2026, carries a 7% annual interest rate, with a potential increase to 12% in case of default. Additionally, Blue Gold Ltd signed a definitive agreement to acquire up to a 90% stake in Ghana’s Mampon Gold & Copper Mining Lease, with the first phase involving a $15 million payment for a 50% interest. The company also appointed Nathan Dionne as Chief Technology Officer to lead its digital strategy, focusing on developing a gold-backed token and payment platform. Furthermore, Blue Gold welcomed Jagdish M. Chanrai to its advisory board, bringing expertise in commodity trading and supply chain management. The company outlined its strategy to become a vertically integrated gold entity, combining physical mining with digital tokenization. These recent developments reflect Blue Gold’s strategic moves in expanding its operations and technological initiatives.
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