VANCOUVER, May 14, 2015 /CNW/ - Canex Energy Corp. ("Canex" or the "Company") (TSXV: CSC) is pleased to announce the appointment of Mr. Ross McElroy as Technical Advisor to the Advisory Board.
Ross McElroy is Fission Uranium's president, COO and chief geologist and has led Fission's technical team to success with two major uranium discoveries in three years. These include Fission Energy's Waterbury Lake discovery and Fission Uranium's high-grade, shallow depth PLS discovery, which is now host to the Triple R deposit – the Athabasca Basin Region's largest undeveloped uranium resource. For his role in the PLS discovery, PDAC 2014 announced him as winner of the coveted Bill Dennis award and The Northern Miner Magazine named him Mining Person of the Year 2013.
Ross McElroy has been instrumental in several other major high grade discoveries in uranium and gold. With over 30 years as a professional geologist, he spent his early years with the Majors including Areva, Cameco and BHP Billiton before moving to the junior exploration space in 2003.
Additionally, the Company announces a non-brokered private placement raising gross proceeds of up to $500,000 through the issuance of up to 10,000,000 units at a price of $0.05 per unit. Each unit will comprise of one common share of the Company and one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one additional common share for a period of 12 months from closing at a price of $0.10 per share.
The securities issued under the placement will be subject to a four month hold period from the date of closing. In circumstances where, any time after the expiry of the four-month restricted period, the Company's stock trades at $0.10 or greater for 5 consecutive days, the Company may give notice via a news release accelerating the expiry date of the exercise period of the Warrants to that date which is 30 days from the date of such notice. The Company may pay finder's fees up to 6% of the gross proceeds raised from the financing, payable in cash or units, in connection with investors introduced by the finder to the Company, in accordance with the policies of the TSX Venture Exchange. Completion of the private placement is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.
The proceeds from the private placement will be used for exploration on the Clearwater West Joint Venture with Fission 3.0 Corp and general working capital purposes.
On behalf of the Board,
Peter G. Wilson, CEO
SOURCE Canex Energy Corp.
For further information: Brian Biles, Director, TEL: 604 687 7742, [email protected]