Fission 3.0 and Canex Energy Option Agreement Lapsed
CANEX ENERGY CORP. Suite 702-595 Howe Street VANCOUVER, BC V6C2T5 www.canexenergy.com
TSX VENTURE SYMBOL: CSC May 30, 2016
Fission 3.0 and Canex Energy Option Agreement Lapsed
CANEX ENERGY CORP. ("Canex" or “the Company") announces that it has received notice from the JV partner that the Option Agreement (the "Agreement") with Fission 3.0 Corp. ("Fission") to acquire up to a 50% interest in the Clearwater West property located in Saskatchewan has lapsed. Fission 3.0 has given Canex until June 19th to cure the default by meeting the remaining financial expenditure conditions for 2016.
To date, the Company has spent approximately $1,275,000 of the $1,700,00 required of the JV commitment to earn the initial 15% interest in the Clearwater West property.
Given current market conditions including the lack of interest in Uranium exploration as a whole, there is no certainty that any funding will materialize. Management continues to look for financing opportunities but can offer no certainty of success.
ON BEHALF OF THE BOARD Contact:
Peter Wilson, CEO & Director Ph: 604 484 8989 Peter G Wilson, 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 may contain certain statements that constitute “forward-looking information” within the meaning of applicable securities laws. 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 funds. Accordingly 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 the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions, and fees charged by service providers. 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.