CANEX Adjusts Price of Previously Completed Private Placement with Former President and CEO
CANEX ENERGY CORP. #1305 - 1090 West Georgia Street Vancouver, BC V6E 3V7 Tel: 604-685-9316 Fax: 604-683-1585 www.canexenergy.com
TSX VENTURE SYMBOL: CSC SEPEMBER 30th , 2016
CANEX ADJUSTS PRICE OF PREVIOUSLY COMPLETED PRIVATE PLACEMENT WITH FORMER PRESIDENT AND CEO
CANEX ENERGY CORP. ("Canex" or the “Company") (TSX Venture: CSC) Mr. Nick DeMare, Director and Corporate Secretary, reports on an agreement reached with the Company’s former President and CEO (the “Subscriber”) in regards to the pricing of a previously completed private placement financing approved by the TSX Venture Exchange (the “Exchange”) pursuant to a bulletin issued on March 16, 2016.
The Subscriber initially purchased 1,420,000 shares at $0.025 per share (473,333 shares at $0.075 per share post 1 for 3 rollback). As a result of a review completed by the Exchange, an agreement has been reached such that the price of the shares purchased by the Subscriber has been adjusted from at $0.025 per share to $0.05 per share ($0.075 to $0.15 per share post 1 for 3 rollback), resulting in the issuance of 236,666 shares to the Subscriber under the private placement. The balance of the 236,666 post rollback shares received by the Subscriber under the private placement are deemed to have been received by the Subscriber at a price of $0.05 per share ($0.15 per share post rollback) in settlement of debts owing by the Company to the Subscriber. The net effect of this agreement was to increase the price of the 1,420,000 shares (473,000 post rollback) acquired by the Subscriber, from $0.025 per share ($0.075 post rollback), to $0.05 per share ($0.15 post rollback), and to eliminate any amounts owing by the Company to the Subscriber.
ON BEHALF OF THE BOARD
“Nick DeMare”
Nick DeMare, Director & Corporate Secretary Tel: 604-685-9316
Neither 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.