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Jul 03, 2015
ATTEMPTED CLASS ACTION AGAINST NEWPORT, REVA AND DIRECTORS DISMISSED BEFORE CERTIFICATION
Vancouver, BC -- July 3, 2015. Newport Exploration Ltd. ("Newport") and Reva Resources Corp. ("Reva") are pleased to announce that the action commenced under the Class Proceedings Act (the "Action") brought against Newport and Reva and certain of their directors and officers (the "Defendants"), as detailed in the news release of Newport dated July 3, 2014 has been dismissed prior to certification.
A settlement was reached in advance of a certification application hearing and the Action has been dismissed against all Defendants. In connection therewith, the plaintiff settled for a sum of CDN$105,000 which amount has been represented to the Defendants as being less than half of the legal fees and disbursements incurred to date by the plaintiff.
While the Defendants remain of the view that the allegations raised against them in the Action were completely without merit, the settlement was determined to be in the best interests of the Defendants as it ends the litigation process and associated future costs and allows the companies to focus entirely on their businesses without unproductive distraction.
For further information contact:
Ian Rozier, Director and Chief Executive Officer, Newport Exploration Ltd.
Douglas Scheving, Director and Chief Executive Officer, Reva Resources Corp.
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 accuracy or adequacy of this news release.