/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
CALGARY,
Dec. 23, 2013 /CNW/ - Novus Energy
Inc. ("Novus" or the "Company") (TSXV: NVS) announced
today that the arrangement (the "Arrangement") contemplated
under the arrangement agreement among Novus, Yanchang Petroleum
International Limited ("Yanchang") and its wholly-owned
subsidiary dated September 3, 2013,
as amended (the "Arrangement Agreement"), was approved by
the requisite majority of votes cast by shareholders of Yanchang at
the meeting held on December 23,
2013.
Yanchang has provided the Company with a notice of
the exercise of its right to postpone the original "Outside Date"
under the Arrangement Agreement of December
31, 2013 by 30 days to January 30,
2014. Closing of the Arrangement remains subject to
certain conditions set forth in the Arrangement Agreement, as well
as Yanchang finalizing financing arrangements, and is expected to
occur on or prior to January 30,
2014.
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.
This news release will not constitute an
offer to sell or the solicitation of an offer to buy the securities
in any jurisdiction. Such securities have not been registered under
the United States Securities Act
of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent
registration, or an applicable exemption therefrom.
Advisory Regarding Forward Looking
Statements
Certain disclosures set forth in this press release
constitute forward-looking statements. Any statements contained
herein that are not statements of historical facts may be deemed to
be forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as
"anticipate", "believes", "budget", "continue", "could",
"estimate", "forecast", "intends", "may", "plan", "predicts",
"projects", "should", "will" and other similar expressions. More
particularly and without limitation, this press release contains
forward-looking statements concerning: the timing of Yanchang
finalizing financing arrangements for the Arrangement; the ability
of Novus and Yanchang to satisfy the other conditions to, and to
complete, the Arrangement; and the timing of completion of the
Arrangement.
In respect of the forward-looking statements and
information concerning the anticipated completion of the
Arrangement, Novus has provided such in reliance on certain
assumptions that it believes are reasonable at this time, including
assumptions as to the ability of the parties to satisfy, in a
timely manner, the remaining conditions to closing of the
Arrangement. This information may change for a number of reasons,
including inability of Yanchang to secure required financing in the
time assumed, or the need for additional time to satisfy the other
conditions to completion of the Arrangement. Accordingly, readers
should not place undue reliance on the forward-looking statements
and information contained in this press release concerning these
times.
Risks and uncertainties inherent in the nature of
the Arrangement include, but are not limited to, the failure of
Novus or Yanchang to satisfy the conditions to the Arrangement, in
a timely manner, or at all. Failure to so obtain such approvals, or
the failure of Novus or Yanchang to otherwise satisfy the
conditions to the Arrangement, may result in the Arrangement not
being completed on the proposed terms, or at all. In addition, the
failure of Novus to comply with the terms of the Arrangement
Agreement may result in Novus being required to pay a
non-completion or other fee to Yanchang, the result of which could
have a material adverse effect on Novus' financial position and
results of operations and its ability to fund growth prospects and
current operations.
Forward-looking statements relate to future
events and/or performance and although considered reasonable by
Novus at the time of preparation, may prove to be incorrect and
actual results may differ materially from those anticipated in the
statements made.
Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and
other factors that could affect Novus' operations or financial
results are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com), and at Novus' website
(www.novusenergy.ca). The forward-looking statements and
information contained in this press release are made as of the date
hereof and Novus undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
SOURCE Novus Energy Inc.