ASC settles case against Caspian Energy Inc.

CALGARY, Aug. 14, 2013 /CNW/ - The Alberta Securities Commission (ASC) has concluded a settlement with TSX-listed issuer Caspian Energy Inc., arising out of the issuance of shares and warrants at a time when the company was under a Cease Trade Order (CTO).

In the Settlement Agreement, Caspian admitted issuing a number of shares and share purchase warrants in April 2013, in lieu of cash payments to satisfy debt obligations.  However, the ASC had issued a CTO against Caspian three days earlier, after the company failed to file audited financial statements and related information for the year ending December 31, 2012.

Caspian acknowledged that its actions constituted a breach of the CTO and that it acted contrary to the public interest, although it was recognized that the breach appeared to be inadvertent.  Under the Settlement Agreement, Caspian Energy paid $10,000 to the ASC, and undertook to comply fully with Alberta securities laws. 

A copy of the Settlement Agreement can be found on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws.  It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE: Alberta Securities Commission

For Media Inquiries:
Mark Dickey
Senior Communications Advisor
403.297.4481

For Investor Inquiries:
ASC Public Inquiries
Toll Free 1.877.355.4488