Saccharum Energy Corp. Announces Termination of Letter of Intent with Oil Reserve Inc.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES
Calgary, Alberta (FSCwire) - Saccharum Energy Corp. (“Saccharum” or the “Corporation”) announced today that it and Oil Reserve Inc. (“ORI”) have mutually agreed to terminate a letter of intent with ORI dated effective July 26, 2013 entered into for the purpose of combining all of the issued and outstanding securities of Saccharum and ORI pursuant to a share exchange, amalgamation, plan of arrangement or such other comparable form of transaction
Saccharum has cited in particular the inability to obtain the required financing and secure a senior management team as well as the ongoing impact of other negative market conditions, particularly as such relate to junior oil sands exploration businesses, as the principal reasons for its withdrawal from the transaction and emphasizes that such withdrawal was in no way a reflection on the quality of the properties.
Saccharum continues to manage its oil and gas exploration and production interests, and will continue to evaluate other oil and gas business expansion and development opportunities as such may occur.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
For further information, please contact:
Saccharum Energy Corp.
David Pinkman
Chief Executive Officer
Telephone: (403) 863-6034
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
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/saccharum08012014.pdfSource: Saccharum Energy Corp. (TSX Venture:SHM)
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