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Thursday, May 19, 2016
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Khan Announces Completion of Documentation for Settlement Payment
TORONTO, ONTARIO--(Marketwired - May 18, 2016) - Khan Resources Inc. ("Khan" or the "Company") (CSE:KRI) announces that Khan and the Government of Mongolia have signed the settlement documentation required for the release of US$70 million to Khan from the escrow agent located in New York. With the execution of such agreement, joint instructions will be issued to the escrow agent to transmit the funds to Khan, and Khan's counsel will secure a dismissal order from the United States District Court in Washington, DC of Khan's petition for certification of the international arbitration award rendered on March 2, 2015 in favour of Khan.
The Company 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.
With the forthcoming transmittal of the settlement to Khan, the Company's primary objectives have now been met, and Martin Quick and Raffi Babikian have announced their retirement from the Board. The Company wishes to thank Messrs. Quick and Babikian for their valued input and years of service through very trying times.
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