GR Engineering Services Limited (ASX:GNG) (GR Engineering) refers to its previous announcements in relation to proceedings associated with the Davyhurst Gold Project refurbishment contract (Contract).
GR Engineering advises that it has entered into a settlement deed with Eastern Goldfields Limited (EGS.ASX) (Eastern Goldfields) and others to fully and finally settle all claims in relation to the Contract (Settlement Deed).
Whilst the terms of the Settlement Deed are confidential, GR Engineering confirms that its terms contemplate the payment to GR Engineering of $8.25 million, with the settlement sum payable in three instalments and with the last instalment payable by 3 October 2018.