Imperial Petroleum (Imperial), which is active in platinum and gold mining, has today (April 25th) announced that Xavier Financial LLC (Xavier) has provided notice that it will not complete its funding commitment to the firm.
Xavier had originally agreed to provide US$4 million in drilling funds.
However, the deal has now collapsed leading Imperial president Jeffrey Wilson to criticise the firm.
'We are deeply disturbed by the termination by Xavier of its commitment to us and we will seek whatever remedies are legally available to the Company and its shareholders against both Xavier and its principals,' he declared.