Suparna Gold Corp.
TSX VENTURE : SUG

May 20, 2015 16:10 ET

Suparna Gold Files Statement of Claim

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2015) - Suparna Gold Corp. ("Suparna") (TSX VENTURE:SUG) announces that it has filed a statement of claim in the Court of Queen's Bench of Alberta against XS Energy Ltd. ("XS") in relation to Suparna's previously announced proposed acquisition of up to a 75% working interest in, and to, a disposal well, surface lease and related assets located in Drayton Valley, Alberta at 102/06-10-049-06 W5M (the "Transaction"). Suparna alleges that XS made certain representations that were untrue, inaccurate and misleading, which representations induced Suparna to take an assignment of the letter agreement in respect of the Transaction. It is also alleged that XS failed to negotiate in good faith the terms and conditions of the letter agreement and the definitive agreement that would govern the Transaction. As a result, Suparna is seeking, among other things, (i) damages in the amount of $150,000 representing the amount paid to XS under the terms of the Transaction, (ii) damages for loss of reputation and goodwill in the amount of $100,000, and (iii) damages for loss of opportunity and special damages in amounts to be determined at trial.

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