Maxim Resources and New Scotland Oil and Gas Announce Settlement Agreement With Jasmin Oil and Gas
June 03 2014 - 1:25PM
Marketwired
Maxim Resources and New Scotland Oil and Gas Announce Settlement
Agreement With Jasmin Oil and Gas
TORONTO, ONTARIO--(Marketwired - Jun 3, 2014) - Maxim Resources
Inc., ("Maxim" or the "Company"),
(TSX-VENTURE:MXM)(OTCBB:MXMSF)(FRANKFURT:M5H), is pleased to
announce that the Company and New Scotland Oil and Gas Ltd.
("NSOG"), have concluded settlement negotiations and entered into a
Settlement Deed & Agreement with respect to litigation between
the Company and Jasmin Oil & Gas Limited ("Jasmin").
On April 16, 2012 (and amended on June 11, 2012) Maxim commenced
a legal claim (referred to as Claim No. CV2012-01528) in the High
Court of Justice in Trinidad and Tobago, (the "Action"). This
Action was against Jasmin, and directors, Mr. Charles Cook and Mr.
Kenneth Macleod (collectively the "Defendants").
Through the good spirit of discussions and negotiations, Maxim
and the Defendants came to an agreement for the resolution of the
Action. Effective May 29, 2014 Maxim, NSOG and the Defendants
entered into a settlement deed (the "Settlement Deed") and,
pursuant to the terms of the Settlement Deed, Jasmin has paid to
Maxim $2,500,000 USD in full and final settlement of all claims
associated with the Action.
This payment now concludes the Action and all dealings between
Maxim and Jasmin. Maxim legal counsel in Trinidad and Tobago has
now filed a Discontinuance of Action in the High Court of Justice
in Trinidad and Tobago.
Going forward Maxim is excited to begin to review and evaluate
new opportunities and will update its shareholders with any new
developments and opportunities.
About Maxim
Maxim is a junior oil and gas production and exploration company
based in Vancouver, Canada. The Company is focused on identifying
producing assets or assets which present near term enhancement and
exploration opportunities. The Company is actively seeking assets
that meet the Company's established investment criteria.
We encourage any interested parties to visit
www.maximresources.com and hit the Register for News tab at the top
of the page.
Issued on behalf of the Board of Directors of Maxim Resources
Inc.
Arthur Brown President & CEO
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 may contain certain
forward-looking information. All statements included herein, other
than statements of historical fact, is forward-looking information
and such information involves various risks and uncertainties.
There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such information. A
description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward-looking information can
be found in the company's disclosure documents on the SEDAR website
at www.sedar.com. The company does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
Maxim Resources Inc.Arthur BrownPresident and CEO(604) 630-0280
or toll free at
1-888-882-8891info@maximresources.comwww.maximresources.com
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