News Out Mr. Wayne Koshman reports
RIFT BASIN ANNOUNCES CSE LISTING AND NAME CHANGE
The Canadian Securities Exchange has approved the listing of Rift Basin Resources Corp.'s common shares on the CSE.
To ensure continued and seamless trading for the company's shareholders, the company has requested and obtained approval to delist its common shares from the TSX Venture Exchange at the close of trading on Friday, Aug. 22, 2014, and it will commence trading on the CSE at market open on Monday, Aug. 25, 2014.
The company also announces that, immediately prior to market open on the CSE listing date, it will effect a name change to Asean Energy Corp. As such, the CSE listing of the company's common shares will be under the new name of Asean Energy and the trading symbol ASA. The company's new Cusip No. will be 04366T106, and the new ISIN will be CA04366T1066.
Wayne Koshman, chief executive officer, stated: "The company's board of directors and management team have concluded that it is in the best interest of the company and its shareholders to list the company's shares on the CSE and rename the company to more clearly portray our focus on southeast Asian energy projects. We believe that the CSE provides a more efficient, flexible and entrepreneurial platform to move the company's business forward, as we continue to build value on behalf of our shareholders."
Update on legal claim
Further to the company's July 16, 2014, news release, Rift Basin has filed and served a response to civil claim and counterclaim upon Mahmoud Zein and Hassan Farran. In addition, counsel has been instructed to seek security for costs for its defence of this matter, as the plaintiffs reside outside of this jurisdiction and have no substantial connection to British Columbia. The company's counterclaim seeks, among other things, an interlocutory and permanent injunction enjoining the plaintiffs from continuing to defame Rift Basin, and general and special damages for defamation and breach of contract.