Categories: Energy
Topics: General Energy

Leading Edge's Norra Karr licence reinstated, shares soar

Leading Edge's Norra Karr licence reinstated, shares soar

Leading Edge Materials Corp shares soared 15% after the company said the Norra Karr exploration licence has been reinstated by the Administrative Court of Appeal in Sundsvall

Leading Edge Materials Corp (CVE:LEM) shares soared 15% on Thursday after the company said the Norra Karr exploration licence (EL) has been reinstated by the Kammarratten (Administrative Court of Appeal) in Sundsvall, overturning a previous ruling by the Administrative Court in Falun last September.

The Norra Karr EL was first granted to Tasman MetalsAB (a subsidiary of Leading Edge) on Aug. 31, 2009. On Aug. 31, 2015, Tasman Metals applied for a two-year extension of this EL, which was granted by the Swedish Mines Inspectorate. In August, 2016, the District Administrative Court in Falun determined that the Swedish Mines Inspectorate was incorrect in granting the renewal.

Leading Edge subsequently appealed the decision of the Administrative Court to the Kammarratten in Sundsvall. The company's appeal was upheld, and the Norra Karr EL was reinstated with full legal effect on Feb. 21. The decision of the Kammarratten held a right of appeal, and as expected the reinstatement of the Norra Karr EL has been appealed. The company will provide further updates on this appeal process.

To continue reading please click link http://www.proactiveinvestors.com/companies/news/173638/leading-edge-s-norra-karr-licence-reinstated-shares-soar-173638.html