TORONTO, ONTARIO--(Marketwired - June 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.
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.