(Alliance News) - Cloudbreak Discovery PLC shares jumped on Thursday, after it confirmed that it has completed settlement agreements.

Cloudbreak Discovery is a Vancouver, Canada-based natural resource project generator. Shares in the company were up 4.5% to 0.42 pence each in London on Thursday morning. The stock rose as high as 0.50p earlier Thursday. It remains down 65% over the past year.

In November, Cloudbreak said it had resolved its outstanding liability of GBP907,710 to the Cronin parties. The settlement was in relation to outstanding management charges being purchased and assigned to investors.

The settlement agreements were implemented following a review of the company's investments, assets, operations and legacy matters.

In November, Andrew Male, interim chief executive, commented: "We are happy to have agreed to these arrangements and agreements with the Cronin Parties and former management and we look forward to updating our shareholders in the near future. We thank all shareholders for their patience during this time and look forward to re-engaging in the near future."

Cloudbreak on Thursday added that it will provide a comprehensive update on its current portfolio and its strategic outlook early in the new year.

By Sophie Rose, Alliance News senior reporter

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