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
President & CEO
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.