Frankly no big surprise as it pertains to the TSX listing review. Personaly I was wondering why it did not happen like 1 year + ago.....I suspect this gets canned on the TSX-V or Chi-X exchange....
Too bad these guys are making progress and the GODs are punishing them for having had a certain Michael Woods at the helm of this ship for a while......let alone doing more business with him and selling a portion of Madgascar!
Oh well...row row row your boat gently down the stream, if you see a Michael Woods don't forget to sceam!
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Candax Energy under TSX review
Ticker Symbol: C:CAX
Candax Energy under TSX review
Candax Energy Inc (C:CAX)
Shares Issued 1,067,929,509
Last Close 4/16/2015 $0.005
Friday April 17 2015 - News Release
Mr. Pierre-Henri Boutant reports
CANDAX ENERGY INC. UPDATES ON OIL STORAGE TANK REPAIR AND TSX DELISTING REVIEW
Candax Energy Inc. is currently focused on mature oil field development in Tunisia. Maretap has completed the full repair of the Zarzis Terminal Tank initiated in October 2014 (see the press release of the Company dated of October 3, 2014, which is available on SEDAR); and that the Toronto Stock Exchange (the "TSX") plans on conducting a delisting review on the Company.
Maretap is a 50/50 joint venture between ETAP (the Tunisian national oil company) and Ecumed (100% owned by Candax). Maretap operates the Ezzaouia Field and the Zarzis Terminal from where all Candax production is exported.
Maretap is now progressing with the maintenance campaign on its beam-pump activated wells on the Ezzaouia field with a pulling unit. EZZ-18 and EZZ-9 wells production has restarted and the pulling unit is currently mobilized on EZZ-1 for one week. The Ezzaouia and Candax net production rate before royalties will revert to 240 and 520 bopd respectively compared to 157 and 447 bopd for the first quarter of the year.
Benoit Debray, Candax CEO declared: "I want to personally thank our field people for their dedication to optimize the production from our field during this difficult period for the entire industry. These efforts are key for moving the company forward through this downturn."
The Company has received a letter advising it that the TSX is reviewing the eligibility for continued listing on the TSX of the securities of the Company. The TSX initiated its delisting review because the price and market value of the publicly-held common shares of the Company have fallen below levels required under the TSX Company Manual and the financial condition and operating results of the Company no longer satisfy the listing requirements of the TSX Company Manual. Under the TSX's remedial review process, the Company has been granted 120 days to comply with all requirements for continued listing.
The Company will study all available options during the 120 days period. In addition to working with the TSX during this period, management will evaluate strategic and financial alternatives to correct the deficiencies noted. There can be no assurance that the Company will be able to achieve compliance with the TSX's listing requirements within the required time frame or will secure a strategic alternative.
We seek Safe Harbor.