GREY:CXEYF - Post by User
Post by
pwade0821on Jan 28, 2014 12:17pm
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News Candax Energy Inc. Announces Rescheduling of Debt
TORONTO, ONTARIO--(Marketwired - Jan. 28, 2014) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, announced today that it has come to an agreement to reschedule $2.5 million in debt due January 31, 2014. Details are as follows:
- Total debt due on January 31, 2014 is $3 million of which $500,000 will be paid at that date;
- $500,000 will be rescheduled with a new due date of January 31, 2015;
- $2 million will be rescheduled, due in equal $500,000 instalments on January 31 of each of the next four years commencing January 31, 2015;
- All of the rescheduled debt is held by the major shareholder of Candax, Geofinance NV.
"We are making progress in improving the production levels at our fields in Tunisia which now stand at 550 bopd, net to Candax," commented Candax CFO Pierre-Henri Boutant. "The continued support of Geofinance to allow us the financial flexibility to continue to focus our finances on investing in improvements in production is key to our continued growth. We thank them for their support."