BioteQ commences legal action against NWM Mining for unpaid lease
BioteQ Environmental Technologies Inc., a leader in the treatment of industrial waste water, announced that it has commenced a legal action against NWM Mining Corporation. It’s filed a Notice of Civil Claim with the Supreme Court of British Columbia. BioteQ seeks monetary damages for NWM’s breach of a Termination, Consolidation and Reconciliation Agreement (“TCRA”) between the companies dated June 12, 2009.
Under the terms of the TCRA, NWM agreed to purchase BioteQ’s plant, located on NWM’s Lluvia de Oro mine site in Mexico, on a lease-to-own basis. NWM was to begin making minimum monthly lease payments of USD $150,000 per month as of October 1, 2010 up to a total CAD $9.6 million. NWM would own the plant after all payments were made.