Xemplar Cancels Proposed Acquisition of Lobo Property
Xemplar Energy Corp. (XE.V) announced that the company will not proceed with its previously announced acquisition of a pecan farm property in Culberson County, Texas.
On November 28, 2012, the company received a letter from the vendors to terminate the purchase agreement on the grounds that there had been no agreed-upon extension to the closing date. The purchase agreement's closing date had been extended several times since June.
The company was working towards securing agricultural loans in order to finance a portion of the purchase price of the property. On November 30, 2012, the company was notified by its proposed lender that it will not proceed with the financing proposal to provide the company with debt financing to complete the purchase.
Trading of the shares of the company remain halted and will be reinstated upon receipt by the TSX Venture Exchange of satisfactory documentation to effect a resumption of trading.
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