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Date of Report (Date of earliest event reported): February 7, 2020
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Item 8.01 Other Events.
Lightbridge Corporation (the “Company”) today announced that it has filed a request for arbitration (the “Arbitration Request”) in the International Court of Arbitration of the International Chamber of Commerce against Framatome SAS (“Framatome”). The Company has undertaken this action in order to obtain, inter alia, a declaration that the R&D Services Agreement, dated November 14, 2017, by and among Framatome (formerly known as AREVA NP S.A.S), Enfission, LLC (“Enfission”) and the Company (as amended by Amendment Number One, dated January 25, 2018, and Amendment Number Two, dated June 20, 2018, the “RDSA”) was validly terminated and is no longer in force, and to obtain compensation for the damage incurred.
As previously reported by the Company, on November 18, 2019, the Company delivered a notice of termination of the RDSA to Framatome, thereby terminating the RDSA, based on Framatome’s uncured material breach of certain material terms of the RDSA, relating to its invoicing obligations, as well as a failure of the escalation process under the RDSA to agree to a budget commitment for 2019-2020. In correspondence with the Company, Framatome has contested the Company’s right to terminate the RDSA, has taken positions that challenge the Company’s rights to its intellectual property and to continue research activities within the Domain outside of Enfission, and has reserved its right to seek compensation from the Company. On this basis, and based on the conduct of Framatome in preventing Enfission from functioning and progressing towards its goals, the Company filed the Arbitration Request.
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: February 7, 2020
/s/ Seth Grae
President and Chief Executive Officer