Candax Energy Inc. has come to the following agreement regarding the repayment of its Senior debt:
•Partial repayment of $500,000 in respect of Tranche A;
•Payment of $350,000 overdue interests in respect of the full and final settlement of the interest due from period 1 October 2012 until the Second Amendment and Restatement effective date;
•Payment of $90,739 of interests due in respect of Tranche A
Notwithstanding the above detailed payment, the Company will not pay the remainder of the Tranche A and Tranche B amounts due under the Senior Facility Agreement ($3,500,000) on January 31, 2015 and will consequently be in breach as regard to its financial obligation. By waiver and amendment letter signed on January 29, 2015, the Company has obtained from the lender an agreement to amend the Senior Facility Agreement and not to seek any remedy under the Facility Agreement in respect of this unpaid amount until April 30, 2015, or earlier in specific circumstances.