Canex Announces Closing Of Oversubscribed Second Tranche In Non-Brokered Private Placement

VANCOUVER, BC / ACCESSWIRE / June 30, 2015 / Canex Energy Corp. (“Canex” or the “Company”) (TSX Venture: CSC) is pleased to announce that it has closed a 2nd tranche of its previously announced $500,000 non-brokered private placement (the “Financing”), as described in its press release dated May 14, 2015. The balance of the private placement was oversubscribed and closed by issuing in the aggregate 8,024,000 units for aggregate gross proceeds of $401,200 raising the Company, in the aggregate, a total of $603,700.

Each unit is priced at $0.05 per unit andis comprised of one common share of the Company and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of one year from the date of closing.

7,424,000 units will be subject to a hold period expiring on October 27, 2015 and 600,000 units will be subject to a hold period expiring on October 30, 2015. A cash finder’s fee of $1,800 was paid to Mackie Research Capital Corp. and $600 was paid to Salman Partners Inc. The Company further announces that it did not pay a finder’s fee to Buffalo Associates Limited as previously reported on June 2, 2015.

In addition, the Company wishes to announce the grant of 2,125,000 to directors, officers, employees or consultants pursuant to the Company’s stock option plan. The options are exercisable for a period of 5 years at an exercise price of $0.095.

About Canex Energy Corp. 

Canex Energy Corp. is a Canadian-based resource company focused on uranium in Saskatchewan’s Athabasca Basin – the world’s largest source of high-grade uranium in British Columbia. The company has a joint venture with Fission 3.0 Corp. to explore the Clearwater West property at which Fission’s award-winning technical team will be the Operator. Canex also has a large, strategically located property at Lorne Lake and three newly acquired uranium properties in the Athabasca Basin along with a gold/copper project in British Columbia.

On behalf of the Board,

Peter G. Wilson, CEO

For information contact:

Brian Biles, Director
brian@canexenergy.com
TEL: 604 687 7742 

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.

This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

SOURCE: Canex Energy Corp.

ReleaseID: 430264