Jul 03, 2014
Vancouver, BC - July 3, 2014. Reva Resources Corp. ("Reva") has become aware of a Notice of Civil Claim brought under the BC Class Proceedings Act against Reva, Newport Exploration Ltd. ("Newport") and certain directors and officers of Newport and Reva (the "Claim").
The Claim alleges that Newport failed to generally disclose a material change in its affairs relating to a royalty held by it on certain oil and gas properties in Australia, as a result of which the price of Newport's securities were artificially deflated.
The allegation against Reva relates to the sale by Reva of its interest in the Chu Chua property to Newport. The Claim alleges Reva was unjustly enriched in receiving, as partial consideration, Newport shares which it is alleged were artificially deflated.
Neither Reva nor the named directors and officers have as yet been served with any court documents but they have obtained a copy of the Claim, are of the view that the allegations against them are without merit and intend to vigorously defend the Claim.
For further information, please contact:
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.
You can view the Next News Releases item: Thu Feb 12, 2015, NEWS RELEASE
You can view the Previous News Releases item: Fri May 2, 2014, News Release
You can return to the main News Releases page, or press the Back button on your browser.