Xemplar Announces it Will Not Proceed With Proposed Change of Business and Acquisition of Lobo Property
December 03 2012 - 1:27PM
Marketwired
Xemplar Energy Corp. (the "Company") (TSX
VENTURE:XE)(FRANKFURT:E7R)(NAMIBIAN:XEM) announces that the Company
will not proceed with its previously announced acquisition of a
pecan farm property in Culberson County, Texas (the "Lobo
Property") and associated change of business ("COB") transaction
pursuant to Policy 5.2 of the TSX Venture Exchange.
The purchase agreement between the Company and the vendors of
the Lobo Property (the "Purchase Agreement") was dated June 5, 2012
and the vendors of the Lobo Property had previously extended the
closing date under the Purchase Agreement several times. The last
such extension ran through October 2, 2012. The vendors of the Lobo
Property proposed a further amendment to the Purchase Agreement to
extend closing yet again upon certain conditions. However, no
agreed-upon extension to the closing date had been reached. On
November 28, 2012, the Company received a letter from the vendors
to terminate the Purchase Agreement on the grounds that there had
been no agreed-upon extension to the closing date.
As previously announced, the Company was working towards
securing agricultural loans in order to finance a portion of the
purchase price of the Lobo Property. On November 30, 2012, the
Company was notified by its proposed lender that it will not
proceed with the financing proposal to provide the Company with
debt financing to complete the purchase of the Lobo Property.
Trading of the shares of the Company remain halted and will be
reinstated upon receipt by the TSX Venture Exchange of satisfactory
documentation to effect a resumption of trading.
The TSX Venture Exchange has in no way passed upon the merits of
and has neither approved nor disapproved the contents of this press
release.
On behalf of the Board of Directors of
XEMPLAR ENERGY CORP.
Ron Mitchell, Chairman and Director
Certain statements contained in this press release may include
forward-looking information with respect to the Company's
operations and future financial results. Such statements are based
on current expectations, are subject to a number of uncertainties
and risks, and actual results may differ materially from those
contained in such statements. Further information can be found in
the disclosure documents filed by the Company at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Xemplar Energy Corp. +1.604.687.4191 +1.604.871.9926
(FAX)