Candax Energy Inc CXEYF

Goodbye Benoit

[pwade0821]

May 29, 2015 13:25 ET

Candax Energy Inc. Announces Reorganization of Its Management Team and Debt Waiver Renewal

 

 

TORONTO, ONTARIO--(Marketwired - May 29, 2015) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today announced the resignation of Benoit Debray from his role of CEO, effective June 30, 2015. Pierre-Henri Boutant, CFO of the Company will act as interim CEO, starting July 1, 2015. After joining Candax as non-executive chairman of the board in June 2010, Mr. Debray has served the company for three years, becoming CEO on January 1, 2012. Mr. Debray has agreed to remain with Candax as non-executive Chairman.

The Company also announces that it has obtained from Geofinance NV, major debtholder and shareholder of the Company, a further extension of one month on the waiver granted on January 29, 2015 up to July 1, 2015 under a facility agreement. Geofinance NV has agreed not to seek any remedy under such facility agreement in respect of the $3.5 million unpaid amount until July 1, 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.

"I am proud of what we have accomplished as a team to stabilize the company and its 3 key assets in a challenging period for our industry. I am convinced that Candax Energy will be able to take advantage of its strength to maximise production and associative cash flows," said Mr. Debray.

As previously announced and as the Company undergoes delisting review, the Company will continue its discussions with third parties with the continuing support of its main shareholders to pursue and hopefully, implement strategic and financial alternatives. Pierre-Henri Boutant, acting as CFO and interim CEO will continue to manage all ongoing discussions.

"The Board is committed to pursuing financial and strategic alternatives, and I am pleased to see the support of Geofinance NV with respect to such pursuit. I want to thank Benoit Debray for all the work accomplished as a senior executive of the Company and wish him all the best for the future" said Pierre-Henri Boutant upon Mr. Benoit's notice of resignation.