Evolving settles lawsuit with former director out of court

Evolving Gold (EVG-V) has agreed to pay $150,000 in an out of court settlement to a former director who sued the company over a recent financing.

Daniel Wolfus originally claimed the company owed him $300,000 as broker’s fee or finder’s fee for the services he provided for the financing. He resigned after the settlement was reached.

Evolving’s most recent financing was in November 2009 for $11.1 million.

Evolving announced the lawsuit in February.

The company says it still believes in the merits of its defence and says neither the settlement amount nor the fact that the company settled at all should be considered an admission of any liability.

Evolving Gold is working on the Rattlesnake Hills gold project near Casper, Wyoming, and on its Carlin gold project on the south portion of the Carlin Trend of Northern Nevada.