TORONTO, April 8, 2014 /CNW/ - Napier Ventures Inc.
(TSX.V: NAP) ("Napier" or the "Company") today announced the expiry
of the Letter of Intent ("LOI") to acquire certain assets (the
"Assets") of Cepu Sakti Energy Pte Ltd ("CSE"), a Singapore-based energy company.
The expiry of the LOI follows the cessation of negotiations
between CSE and another energy company, Dejour Energy (USA) Corp. ("Dejour"), doing business in
the United States. At the time,
CSE was evaluating the acquisition of an interest in various oil
and gas concessions in the United
States owned or held by Dejour, which would have been
included in the Assets. It was a condition of the Napier-CSE
LOI that CSE complete the acquisition of the oil and gas
concessions from Dejour prior to finalizing the transaction.
Dejour terminated the arrangement with CSE so that the
transaction between CSE and Napier could not proceed. CSE has since
filed suit against Dejour in the United States District Court in
Denver, Colorado (case#
1:2014cv00682), claiming, among other things, breach of contract
and breach of the implied duty of good faith and fair dealing in
connection with the letter of intent between CSE and Dejour.
"While we are disappointed by the unfortunate circumstances
associated with the dispute between CSE and Dejour that led to the
expiry of the LOI between Napier and CSE, we continue to actively
pursue promising investment opportunities," said Hari Nesathurai, President and Chief Executive
Officer of Napier. "We have a solid strategy and team in
place to advance the Company and are confident in our ability to
create additional value for our shareholders. We also intend
to continue working with the CSE team in this regard."
The trading of Napier shares was halted on January 6th, 2014 pending the
transaction's finalization or termination. Regular trading of
Napier's shares is expected to resume shortly.
About Napier Ventures
Listed on the TSX Venture Exchange (TSX.V: NAP), Napier Ventures
Inc. is a Vancouver based, junior
mineral exploration Company managed by a team of professionals with
extensive experience in mining exploration, finance and law.
Management is dedicated to advancing the Company and increasing
shareholder value by engaging in the search for value-adding
mineral deposits through exploration and/or acquisition, as well as
other resource opportunities as they may arise.
Safe Harbour for Forward-Looking Information: This
press release may contain forward-looking information based on
management's expectations, estimates and projections. All
statements that address expectations or projections about the
future, including statements about the Company's strategy for
growth, product development, market position, expected
expenditures, etc. are forward-looking statements. These statements
are not a guarantee of future performance and involve a number of
risks, uncertainties and assumptions. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Neither the 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.
SOURCE Napier Ventures Inc.
