VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2008) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) -
Management provides the following update on the company's business:
German Financing Progress. Management has agreed (further to its October 6, 2008 news release) with Treuinvest Treuhand Investitions GmbH (Treuinvest) that it would not be prudent to issue a prospectus in the current market conditions. The recent decline in the price of oil and the condition of financial markets in general make the proposed Treuinvest prospectus featuring Adroit's oil and gas sector expansion less likely to be successful. It has been determined that a Treuinvest prospectus will not be submitted to BaFin, the German Federal Financial Supervisory Authority, until market conditions improve and management and Treuinvest jointly determine that a financing has a good chance of being successful. Despite the best efforts of Management, there is no assurance that such a financing can be completed as planned.
Issuing House. As reported in the Company's October 6, news release, Treuinvest Fonds GmbH (Fonds) in which Adroit holds a 45% stake, launched the first prospectus for 'nextGen GamesFund 1' (Games), in late September 2008 with a target gross raise of up to Euro 8 million. While Games continues to receive subscriptions, the rate of receipt is below the rate that would fulfill normal market expectations.
Delayed Private Placement Subscriptions. As reported in the October 29, 2008 news release, a total of $1,000,000 had not been received by the Company. Management has issued demand notices for the payment of these funds by no later than November 14, 2008.
Expropriation Claim. As reported in the February 27, 2008 news release, the compensation trial date had been set to commence on January 12, 2009. The deadline for exchange of documents between the parties is set for November 12, 2008 and management is confident that it will meet this deadline. The two month period between this deadline and the commencement of the trial will require intensive work by management and Holmes & King, Adroit's counsel, preparing for the trial.
The trial is to determine the quantum of compensation to be paid by the Provincial Government of British Columbia to Adroit.
Expropriation Claim Background: In July 1995, the Provincial Government of British Columbia, Canada expropriated the "Amber" mineral claims from the Company for the creation of a provincial park. The Company subsequently sought compensation for such expropriation through the courts. On June 5, 2003, the Company received a four to one judgment in its favour from the British Columbia Court of Appeal.
