News Column

Canamax Energy Ltd.: Update on Brokered Private Placement

May 23, 2014

By a News Reporter-Staff News Editor at Energy Weekly News -- Canamax Energy Ltd. ("Canamax" or the "Company") (TSX VENTURE:CAC) announces that the closing of the second tranche of its previously announced Offering (as defined below) will be delayed in order to provide the Company and the Agents (as defined below) with additional time to receive, complete and accept documentation from subscribers who have commenced the subscription process prior to the date hereof. Canamax and the Agents do not intend to accept further subscriptions at this time. Canamax anticipates that the closing of the second tranche of the Offering will occur on or around May 15, 2014.

The offering (the "Offering") consists of a minimum of 4 million and a maximum of 12 million units (the "Units") at a price of $1.25 per Unit. Each Unit consists of one common share of Canamax (a "Common Share") and one-half of one common share purchase warrant of Canamax (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share for $2.40 per share for the period commencing on the date of issuance and ending on March 31, 2016. The Company issued 6,252,616 Units on closing of the first tranche on April 30, 2014.

Haywood Securities Inc. and Cormark Securities Inc., as co-lead agents, together with National Bank Financial Inc. and Leede Financial Markets Inc. (collectively, the "Agents") are acting as Agents for the Offering.

The Offering remains subject to final approval by the TSXV and all securities issued pursuant to the Offering will remain subject to applicable hold periods.

Keywords for this news article include: Energy, Utilities.

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Source: Energy Weekly News

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