Dakar Resource Corp.

TSX VENTURE : DKR


December 17, 2013 16:33 ET

Dakar Acquisition of Proteus Energy Lapses

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 17, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Mr. Allen Wilson, President and CEO of Dakar Resource Corp. (TSX VENTURE:DKR) ("Dakar" or the "Company") announces that the Company will not be proceeding with its proposed acquisition of Proteus Energy Corporation ("Proteus"). The Proteus acquisition and a concurrent financing through Haywood Securities Inc and Emerson Equity LLC were initially announced November 6, 2012.

Dakar's common shares were halted on the TSX-V November 1, 2012 preceding the Company's announcement of the Proteus Acquisition. Despite receiving conditional approval of the Proteus acquisition from the TSX-V and the best efforts of the parties, the financing required to execute Proteus' exploration and development plan was not fully subscribed and the proposed acquisition has lapsed.

Mr. Paul Hughes, who joined Dakar's Board of Directors in anticipation of the Proteus acquisition, has resigned from the Dakar Board of Directors to pursue other personal business interests.

Dakar's management team continues to review potential oil and gas investment and development opportunities for the Company.

ON BEHALF OF THE BOARD

Allen Wilson, President, C.E.O. and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Dakar's expectations include risks related to the exploration stage of Dakar's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.

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.

Contact Information

  • Dakar Resource Corp.
    Allen Wilson
    President, C.E.O. and Director
    (604) 240-4349
    (604) 681-4760 (FAX)