TORONTO, ONTARIO August 19, 2015 – Maxim Resources Inc. (TSX VENTURE: MXM)("Maxim" or the "Company") is announcing that further to its press release dated June 2, 2015, pursuant to which it was disclosed that Maxim had entered into a definitive agreement (the “SPA”) with Quest Investments LLC (“QI”) to acquire an interest in Quest Oil & Gas Services Inc. (“Quest”) (the “Transaction”) and subsequently pursuant to a press release dated July 31, 2015, where the closing date of the Transaction was extended to August 17, 2015, Maxim has been unable to complete the Transaction and the SPA has been terminated with QI.
Maxim successfully secured sufficient indicative investment orders in order to meet its acquisition requirements with Quest. However Maxim was unable to complete the finance closing and listing in sufficient time to meet the August 17, 2015 revised Closing Date with Quest. As such Quest has chosen not to extend the Closing date any farther and has notified Maxim accordingly.
Quest has agreed to maintain an open channel of communication with the senior management of Maxim for future opportunities to explore transactions.
Maxim intends to continue with its AIM dual listing and is in the process of discussions with the investors that formed part of the syndicate of the original indicative investment orders. Subsequent to these discussions and those with its advisors in the UK, Maxim will issue a press release with a revised timeline for its AIM dual listing.
The Company will continue to seek production, near term production and high impact exploration opportunities in order to fit the Company’s corporate plans. In addition, Maxim continues to work on its Moroccan Reconnaissance Program.
Mr. Andrew Male the Company’s CEO stated, “Maxim’s board of directors, (the “Board”), and senior management are disappointed we were not able to close the Quest acquisition within the agreed timeframe with Quest but remain hopeful of the opportunity to do business with Quest in the future. The Transaction was challenging to complete in light of the Company’s timetable for its listing on AIM concurrently with the closing of the Transaction and as a result, this contributed to the extended dates for closing the Transaction. In addition, the last two months have been challenging in the capital markets as a result of the depreciation in the price of oil We are pleased to confirm that Quest’s Managing Director, Ian Baron, will continue to be a Director of Maxim and we look forward to leveraging his oil and gas experience in emerging markets.”
Maxim is an oil and gas exploration company based in Vancouver, Canada. The Company is focused on identifying assets that are producing, near term enhancement and/or exploration opportunities. Investments may be made by way of acquisition, participation and/or fractional interest. Its most recent investment is a Reconnaissance Contract for the Hassi Berkane Block, in the Kingdom of Morocco in partnership with the National Office of Hydrocarbons and Mines.
Issued on behalf of the Board of Directors of Maxim Resources Inc.
Andrew Male, 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 forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion of the Transaction as set forth in the SPA, including the acquisition by the Company in an interest in Quest, and the proposed listing by the Company on the AIM exchange. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Maxim believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Maxim disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.