CANEX ENERGY ANNOUNCES TERMINATION OF LETTER OF INTENT WITH QUINTET VENTURES

TSX VENTURE SYMBOL: CSC December 7, 2018

CANEX ENERGY ANNOUNCES TERMINATION OF LETTER OF INTENT WITH QUINTET VENTURES

Vancouver BC, CANEX ENERGY CORP. ("Canex" or "the Company") (TSXV: CSC) announces that further to its news release dated June 23, 2017, Canex has terminated the previously announced letter of intent with Quintet Ventures Inc. ("Quintet") dated June 20, 2017 pursuant to which Canex and Quintet were to complete a business combination by way of a reverse takeover of Canex by Quintet.

Canex also advises that, in accordance with TSX Venture Exchange ("TSX-V") Policy 2.5, it has not maintained the requirements for a Tier 2 Company.  Canex must transfer its shares from trading on the TSX-V and transition to the NEX Board of the TSX-V ("NEX").  Effective as of market open on February 9, 2018, Canex’s listing will transfer to NEX and its Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Vancouver to NEX.

The trading symbol for Canex will change from CSC to CSC.H. There is no change in the Company’s name, no change in its CUSIP number and no consolidation of capital. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX-V.

NEX is a separate board of the TSX-V for companies previously listed on TSX-V or Toronto Stock Exchange which have failed to maintain compliance with the ongoing financial listing standards of those markets. NEX has been designed to provide a forum for the trading of publicly listed shell companies while they seek and undertake transactions in furtherance of their reactivation as companies which will carry on an active business.

 

ON BEHALF OF THE BOARD

Sherman Dahl,

President & CEO

Tel: 250-558-8340

 

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 contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements in respect of the resumption of trading. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Canex Energy enters non-binding LOI for Quintet RTO

2017-06-23 19:04 ET - News Release

Mr. Sherman Dahl reports

CANEX ENERGY ANNOUNCES LETTER OF INTENT FOR PROPOSED ACQUISITION OF CANNABIS DATA BASE AND $1, 000, 000 NON-BROKERED PRIVATE PLACEMENT

Canex Energy Corp. has entered into a non-binding letter of intent with Quintet Ventures Inc. dated June 20, 2017, in respect of a proposed transaction pursuant to which a wholly owned subsidiary of Quintet is expected to acquire Canex by way of a reverse takeover for a combination of cash and share consideration. The final structure of the transaction has not yet been finalized and will be determined following receipt of tax, corporate and securities law advice for both Canex and Quintet. The proposed transaction contemplates a delisting from the TSX Venture Exchange, an initial listing on the Canadian Securities Exchange, together with a change of business, plus a financing. Upon completion of the acquisition, the combined entity will continue to carry on business under Quintet.

About Quintet Ventures Inc.

Quintet is incorporated under the laws of the government of Canada. Quintet and its affiliates have developed a cannabis patient database of over 3,500 members and growing. Quintet and its affiliates are world leaders in assisting patients within the medical marijuana program.

Quintet's business is built around today's quickly changing legislative framework. It allows for the retention of not only medical users, but also the recreational user base, when available, with its lead-generation tools. It will allow for strong patients and consumer outreach to all consumers of cannabis, making it appealing to future partners and licensed producers.

Transaction

Pursuant to the terms of the LOI, Quintet will be paid a cash payment of $500,000 and will be issued approximately 25 million common shares of Canex.

The transaction is subject to Canex completing an equity financing by way of a non-brokered private placement of units to raise aggregate gross proceeds of $1-million at an intended price of 25 cents per unit. Canex will also have an overallotment option to place up to an additional 50 per cent of the financing. Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at the price of 40 cents per share for a period of 12 months from the closing of the transaction. In the event that Canex's share price closes at a price of $1 per share for a period of 10 consecutive trading dates, Canex will have the option to provide notice to the warrantholders in writing or through press release to accelerate the term of the warrants to a period of 30 days following such notice. Canex may pay finders' fees in connection with the financing. The net proceeds from the financing will be used for the development of the business, potential acquisitions and general working capital purposes.

Conditions of the transaction

The transaction is subject to a number of conditions precedents, including, among other things, the negotiation and execution of a definitive agreement, satisfactory due diligence completion of the aforementioned financing, and receipt of all applicable regulatory, shareholder and third party approvals. Unless all of such conditions are satisfied or waived, to the extent they are capable of being waived, the transaction will not proceed. There is no assurance that the conditions will be satisfied or waived on a timely basis, or at all.

Additional information

Further details regarding the proposed transactions and the combined entity will be provided in a comprehensive press release if and when the parties enter into a definitive agreement. For further information regarding the company, see the company's disclosure documents on SEDAR.

We seek Safe Harbor.

Canex Energy appoints Schneider as director

2017-08-18 19:40 ET - News Release

Mr. Sherman Dahl reports

CANEX APPOINTS CRAIG SCHNEIDER TO THE BOARD

Canex Energy Corp. has appointed Craig Schneider to the board. Sherman Dahl, president and chief executive officer, stated: "Craig is an extremely capable capital markets professional who will be a tremendous asset to our board. Canex is committed to creating shareholder value with a strong capital structure, a strong independent board and proven management team."

Mr. Schneider has over 25 years of extensive experience in capital market financing, business development and strategic planning with public companies in technology, biotechnology and the resource sector. He was a co-founder of Magnum Uranium Corp., a TSX Venture Exchange company which was purchased by Toronto Stock Exchange-listed Energy Fuels Inc. Mr. Schneider is also a founder of Corex Gold Corp., InMed Pharmaceuticals Inc. and Standard Graphite Corp., and has been instrumental in building these companies to their current stages of development.

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