GREY:CXEYF - Post by User
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pwade0821on May 08, 2015 8:32am
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More news Candax Energy Inc. Announces Extension of One Month on the Waiver Granted on Its Senior Facility Agreement
TORONTO, ONTARIO--(Marketwired - May 1, 2015) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, announces today that it has obtained from Geofinance NV, major debtholder and shareholder of the Company, an extension of one month on the waiver granted on January 29, 2015.
By additional waiver and amendment letter signed on April 30, 2015, the Company has obtained from the lender an agreement to amend the Senior Facility Agreement and not to seek any remedy under the Facility Agreement in respect of the $3.5 million unpaid amount until June 01, 2015, or earlier in specific circumstances. A copy of the amendment and waiver letter will be filed publicly by the Company and available on SEDAR.
The Company has initiated discussions with third parties to implement strategic and financial alternatives and now needs more time to continue these discussions. "The support of our lender and majority shareholder is key during this period of discussions," commented Candax Chairman and CEO, Benoit Debray.