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.
Kristen Humphrey, Napier Ventures Inc. (416) 888-2323, kristenkhumphrey@gmail.com.Copyright CNW Group 2014