Anax Metals (ASX:ANX) has withdrawn its arbitration proceedings against a cornerstone investor over a disputed marketing agreement, confirming the convertible note remains valid and no default has occurred, according to a Thursday filing with the Australian bourse.
On June 24, the company filed for arbitration against a cornerstone investor over unresolved exclusive marketing rights tied to a convertible note deal, the filing said.
However, the company confirmed that no default has occurred and the note remains in place, with both parties agreeing to defer any redemption or conversion until just before its Nov. 18, 2026, maturity, the filing added.
The company's shares surged almost 17% in recent Thursday trade.
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