Item 8.01 Other Events
Standard Metals Processing, Inc. (a/k/a Cambrian Minerals Group, Inc.) (the “Company”) entered into a Settlement Agreement on January 26, 2016 with Wits Basin Precious Minerals, Inc., Lee Levine, Michael Lepore, Mark McLain, Morton Waldman, Allan Staller, Thomas McAdam, Arthur Brown, and DJ Sikka to settle the claim for interference of contract. The Court previously dismissed with prejudice Wits Basin et al.’s claims of breach of contract and anticipatory repudiation of the contract.
The Stipulation of Dismissal with prejudice was filed on January 27, 2016.
Under the terms of the Settlement Agreement, the Company will issue a total of 630,000 warrants to purchase common stock exercisable at $0.30 per share and 630,000 warrants to purchase common stock exercisable at $0.70 per share. The warrants are divided among the individual parties. The warrants expire on December 31, 2018.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 27, 2016
