Xemplar Provides Update on Change of Business
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/06/12 -- Xemplar Energy Corp. (the "Company") (TSX VENTURE: XE)(FRANKFURT: E7R)(NAMIBIA: XEM) issued a news release on June 6, 2012 announcing that the Company entered into a purchase agreement (the "Purchase Agreement") pursuant to which the Company will acquire land and equipment (the "Property") used for the growing, harvesting, sale and exporting of pecan crops in Culberson County, Texas (the "Acquisition") which will constitute a change of business ("COB") pursuant to Policy 5.2 of the TSX Venture Exchange (the "Exchange"). Pursuant to the policies of the Exchange, the Company is required to issue a news release every 30 days following its initial news release, to update the status of the COB.
The Company advises that there has been no change to the status of the COB. In accordance with the terms of the Purchase Agreement the Company is continuing to conduct its due diligence review of the Property. The Company is also continuing to work towards securing agricultural loans to finance the Acquisition. The Company has made and continues to make filings with the Exchange in accordance with Exchange's policies in connection with the reinstatement of trading of the Company's shares and approval of the COB transaction. Trading in the Company's shares will be reinstated upon receipt by the Exchange of what they determine is satisfactory documentation to effect a resumption of trading. The Company is seeking an exemption from the Exchange's sponsorship requirements.
The Company has set a record date of July 3, 2012 for a special meeting of its shareholders to seek approval for the Acquisition. The Company is in the process of finalizing its management information circular and expects to mail the circular to shareholders shortly. The Company anticipates calling a special meeting of the shareholders sometime in August.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Acquisition and has neither approved nor disapproved the contents of this press release.
On behalf of the Board of Directors of
XEMPLAR ENERGY CORP.
Ron Mitchell, Chairman and Director
Certain statements contained in this press release may include forward-looking information with respect to the Company's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. Further information can be found in the disclosure documents filed by the Company at www.sedar.com.
Neither 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.
Xemplar Energy Corp.
Chairman and Director
(604) 871-9926 (FAX)