|By Marketwired .||
|May 15, 2014 08:30 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/15/14 -- Canamax Energy Ltd. ("Canamax" or the "Company") (TSX VENTURE: CAC) is pleased to announce that it has closed the second and final tranche of its previously announced brokered private placement offering (the "Offering"). The Company issued 4,180,768 units ("Financing Units") in the second tranche for gross proceeds of approximately $5.2 million (net proceeds of approximately $4.9 million after deduction of broker commissions). Together with the first tranche, the Company has issued a total of 10,433,384 Financing Units under the Offering for aggregate gross proceeds of approximately $13.0 million (net proceeds of approximately $12.0 million after deduction of broker commissions, legal fees and related expenses).
The Company's President and CEO, Brad Gabel, commented "We are extremely pleased with the interest shown in our financing which has resulted in Canamax significantly exceeding the targeted gross proceeds of between $5 and $8 million. A portion of the net proceeds of $12.0 million was used to fund the $2.4 million net debt obligation of recently acquired Ki Exploration Inc., with the remainder to be used to fund the Company's capital expenditure program for 2014."
The Offering consisted of a minimum of 4 million and a maximum of 12 million Financing Units at a price of $1.25 per Financing Unit. Each Financing Unit consists of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant of Canamax (a "Financing Warrant"). Each Financing Warrant entitles the holder to purchase one Common Share for $2.40 for the period commencing on the date of issuance and ending on March 31, 2016.
Upon closing the second tranche of the Offering, the Agents (as defined below) were paid a cash commission of approximately $311,000 and were issued an aggregate of 248,938 compensation warrants (the "Compensation Warrants"), in accordance with the terms of an agency agreement entered into between the Company and Haywood Securities Inc., Cormark Securities Inc., National Bank Financial Inc. and Leede Financial Markets Inc. (collectively, the "Agents"). Each Compensation Warrant entitles the holder to purchase one Financing Unit for $1.25 per Financing Unit for a 12-month period commencing on the date of issuance. In aggregate, 575,481 Compensation Warrants were issued in connection with the Offering.
The Offering is subject to final approval by the TSX Venture Exchange. All securities issued in connection with the Offering are subject to four-month hold period.
Canamax is a junior oil and gas company in the business of consolidating micro-cap junior oil and gas companies and exploiting low risk development opportunities in the Western Canadian Sedimentary Basin.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Canamax Energy Ltd.
President & CEO
Canamax Energy Ltd.
Vice President, Finance & CFO
We live in a time when seconds – even milliseconds – can have a dramatic economic impact on your company’s future. With technology being the primary conduit for consumer interaction, the user experience is at center stage. User experience will be a deciding factor in separating the future winners from the losers. By building more speed and agility into the application delivery process, DevOps prom...
Oct. 31, 2014 08:00 AM EDT Reads: 1,217
European data center operator DEAC is the largest in the Baltics. The activities are orientated to provide data center services and IT outsourcing on Eurasia and America scale in order to create the primary or backup or additional data center for customer in the EU, to protect its business and, most importantly, reduce costs up to 40% within 3-5 years. DEAC is an IT outsourcing services and sol...
Oct. 31, 2014 08:00 AM EDT Reads: 2,213
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? ...
Oct. 31, 2014 08:00 AM EDT Reads: 1,860
Dyn solutions are at the core of Internet Performance. Through traffic management, message management and performance assurance, Dyn is connecting people through the Internet and ensuring information gets where it needs to go, faster and more reliably than ever before. Founded in 2001 at WPI, Dyn’s global presence services more than four million enterprise, small business and personal customers.
Oct. 31, 2014 08:00 AM EDT Reads: 1,791
Until recently, many organizations required specialized departments to perform mapping and geospatial analysis, and they used Esri on-premise solutions for that work. In his session at 15th Cloud Expo, Dave Peters, author of the Esri Press book Building a GIS, System Architecture Design Strategies for Managers, will discuss how Esri has successfully included the cloud as a fully integrated SaaS ...
Oct. 31, 2014 07:30 AM EDT Reads: 1,698
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infra...
Oct. 31, 2014 07:00 AM EDT Reads: 1,617
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and ...
Oct. 31, 2014 06:15 AM EDT Reads: 2,035
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public clou...
Oct. 30, 2014 07:00 PM EDT Reads: 1,560
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-qu...
Oct. 30, 2014 07:00 PM EDT Reads: 1,854
SYS-CON Events announced today that Stratogent will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Stratogent is a custom managed services organization based in San Mateo, California. We design, implement, and support mission critical infrastructure 24x7 on premises, in datacenters and in t...
Oct. 30, 2014 06:45 PM EDT Reads: 2,155