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.