Camex Energy Corp. and Desert Lion Energy Corp. Announce Shareholder Approval of Reverse Takeover
VANCOUVER and TORONTO, Canada, February 15, 2018 – Camex Energy Corp. (TSXV: CXE.V) (“Camex”) and Desert Lion Energy Corp. (“Desert Lion”) are pleased to announce that the shareholders of the respective companies have overwhelmingly voted in favour of the previously announced reverse take-over of Camex (the “Transaction”) by way of a three cornered amalgamation involving Camex, Desert Lion and 2590945 Ontario Inc., a wholly-owned subsidiary of Camex (“Camex Subco”).
Additionally, all other matters that were put before Camex shareholders at the Camex Meeting were approved, including the election of all proposed Board members, the consolidation of Camex common shares on the basis of 12.0258 existing Camex shares for one new Camex share (the “Consolidation”), the continuance of Camex into Ontario (the “Continuance”), the adoption of a new by-law, and the adoption of a new stock option plan.
The Consolidation, the name change of Camex to “Desert Lion Energy Inc.”, and the Continuance are expected to be implemented immediately. The Transaction is subject to final approval by the TSX Venture Exchange and is expected to close on or about February 22, 2018.
For more information on all matters voted on at the Desert Lion meeting or Camex meeting, please refer to the joint management information circular of Camex and Desert Lion, dated January 17, 2018, which has been filed under Camex's profile on SEDAR at www.sedar.com.
About Desert Lion Energy
Desert Lion Energy Corp. is a lithium developer and producer focused on building Namibia’s first large-scale lithium mine and is located 30km from Karibib and approximately 210km from the nation’s capital of Windhoek. Desert Lion’s lithium project is located within a 301km2 prospective land package, with known lithium bearing pegmatitic mineralization and is currently in Phase 1 of its production plan, processing material and exporting lithium concentrate from stockpiles. The project site is accessible year-round by road and has access to power, water, rail, port, airport and communication infrastructure.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information includes, but is not limited to: statements and expectations regarding whether the proposed Transaction will be consummated, including whether conditions to the consummation of the Transaction will be satisfied, or the timing for completing the Transaction and regarding the expected timing for implementation of the Consolidation, Continuance and name change of Camex. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Desert Lion and Camex to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to completion of the proposed Transaction, and the ability to secure the necessary regulatory approvals required to complete the Transaction. Although Desert Lion and Camex have attempted to identify important factors that may cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this new release and Desert Lion and Camex do not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
Neither the 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.
For more information, please contact:
|Camex Energy Corp.
Chief Executive Officer
Tel: (778) 331-8508
|Desert Lion Energy Corp.
Tim Johnston, President & CEO
Salisha Ilyas, VP, Investor Relations
Tel: (416) 309-2953