To avoid the expense, burden and uncertainty associated with litigation and to resolve the litigation completely, the parties entered into a settlement agreement, without any admission of wrongdoing.
As part of the settlement, the Defendants have agreed to provide a total of 3,750,000 common shares in the capital of NFG to the Plaintiffs. Palisades has agreed to transfer 3,380,000 NFG common shares to the Plaintiffs and NFG has agreed to issue the balance of 370,000 NFG common shares, the latter of which is subject to approval of the
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Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation (collectively, the 'forward-looking statements'). Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words 'will', 'can', 'may', 'could', 'expects', 'plans', 'anticipates' and similar expressions which, by their nature, refer to future events. Forward-looking statements included herein include, but are not limited to, statements with respect to the issuance and transfer of NFG common shares to the Plaintiffs and the filing of a Form 45-102F1. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the Company's filings with the Canadian Securities Administrators, which factors are incorporated herein by reference and risks related to the approval of the issuance of NFG common shares. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Palisades undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by applicable law or stock exchange requirements.
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