Fieldex Exploration Announces Termination of Proposed Reverse Take-over and Spin-out
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ROUYN-NORANDA, QC, March 7, 2019 /CNW Telbec/ - Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E1) announces the termination of the Share Exchange Agreement dated September 21, 2017, as amended, among Fieldex, Idénergie Inc. ("Idénergie") and Idénergie's securityholders, with respect to the proposed reverse take-over of Fieldex by Idénergie (the "Reverse Take-over") and the proposed "spin-out" (the "Spin-out") of all of Fieldex's assets (except certain assets) and all of its liabilities to QUAD Resources Inc., a wholly-owned subsidiary of Fieldex (collectively, the "Transactions"). As a result of the termination of the Share Exchange Agreement, Fieldex will not proceed with the Transactions and will be focusing on finding opportunities to increase shareholder value. In addition, none of the resolutions relating to the Reverse Take-over and Spin-out approved by Fieldex shareholders at the meeting of Fieldex shareholders held on May 8, 2018, including, the change of Fieldex's name to "Idenergy Corporation / Corporation Idénergie", will be carried out. There is no penalty receivable or payable in connection with the termination.
"The two companies mutually agreed that the public markets for emerging clean technology companies specialized in the field of power electronics are not conducive to financing opportunities", said Martin Dallaire, President and Chief Executive Officer of Fieldex.
Trading in Fieldex's shares was halted on June 6, 2017 in accordance with the policies of TSX Venture Exchange ("TSXV") pending completion of the Transactions. Given the termination of the Share Exchange Agreement, Fieldex will file an application with the TSXV to request that trading of its common shares be resumed on the TSXV. Fieldex will confirm in press release the date on which trading of its common shares will resume on the TSXV.
Fieldex also announces today that M. Sébastien Bellefleur has resigned as a director. Following the resignation of Mr. Bellefleur, the Board of Directors of Fieldex is comprised of the following directors, Martin Dallaire, Donald Lacasse, Jean-Pierre Landry and Jean-François Madore.
About Fieldex
Fieldex is a mineral resource company actively exploring in Québec. As of the date hereof, Fieldex has 15,668,023 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE FIELDEX EXPLORATION INC.
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