Candax Energy Inc. has obtained from Geofinance NV, major debtholder and shareholder of the Company, a further extension of 9 days on the waiver with respect to terms of the facility agreement entered into by the parties.
The extension will extend the waiver until July 31, 2015. As a result, Geofinance NV has agreed not to seek any remedy under the facility agreement in respect of the $3.5 million unpaid amount until July 31, 2015, except in case of specific circumstances.
The Company is in advanced discussions regarding financial alternatives and needs more time to continue these discussions. "The support of our lender and majority shareholder is key during this period of discussions," commented Candax CFO and interim CEO, Pierre-Henri Boutant.