/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.
<p> </p> <p> <b>NOVUS ENERGY INC.</b><br/> <br/> Hugh G. Ross<br/> President and CEO<br/> (403) 218-8895 </p> <p> Ketan Panchmatia<br/> Chief Financial Officer<br/> (403) 218-8876 </p> <p> Julian Din<br/> VP Business Development<br/> (403) 218-8896 </p>