CALGARY, ALBERTA–(Marketwired – July 10, 2015) – Stonehaven Exploration Ltd. (“Stonehaven” or the “Company“) (TSX VENTURE:SE) reports that the parties to the class action proceedings (the “Class Action“) commenced in the Alberta Court of Queen’s Bench (the “Court“), in August 2013, have entered into an agreement (“Settlement Agreement“) whereby they have, subject to Court approval, agreed to settle the Class Action upon the terms and conditions set forth in the Settlement Agreement.
Under the terms of the Settlement Agreement, the parties have agreed, among other things, for the full and final release and dismissal of all claims and allegations made in the Class Action, by the establishment of a $5.5 million settlement fund. If the settlement is approved by the Court, Stonehaven will contribute $1.0 million to the settlement amount. The Settlement Agreement provides for no admission of liability on the part of the defendants. An application by the parties to the Court to approve the Settlement Agreement is scheduled for October 9, 2015.
Stonehaven and the other defendants have denied and continue to deny any and all liability with respect to any of the claims made in the Class Action. The settlement is being made to avoid the burden and expense of further litigation and to allow Stonehaven to conduct its business without the continuing encumbrance of the lawsuit.
Further information relating to Stonehaven is also available on its website at www.stonehavenexp.com.
ADVISORY ON FORWARD-LOOKING STATEMENTS: This news release contains certain forward-looking information and statements (“forward-looking statements“) within the meaning of applicable securities laws. In particular and without limitation, this news release contains forward-looking statements concerning the timing of the application to the Court to approve the Settlement Agreement.
Forward-looking statements are based on a number of material factors, expectations or assumptions of the Company which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company’s Annual Information Form and Management’s Discussion and Analysis prepared for the year ended December 31, 2014. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 NEWS RELEASE.
Stonehaven Exploration Ltd.
President and Chief Executive Officer
(403) 265-3506 (FAX)