CALGARY, ALBERTA–(Marketwired – May 6, 2015) – Canadian Quantum Energy Corporation (“Canadian Quantum” or the “Company”) (TSX VENTURE:CQM) announced today that, further to its press releases dated May 26, 2014 and November 18, 2014, Lang International Holdings Limited, a company registered in the British Virgin Islands (“Lang“), has purchased all of the issued and outstanding shares in the capital of the Company’s wholly-owned Delaware subsidiary, American Quantum Energy Corporation (“AQE“), subject to TSX Venture Exchange final approval, in exchange for the settlement of all indebtedness owing by the Company to Lang in the aggregate principal amount of $1,485,239.73, as evidenced by the outstanding series 1 debenture and series 2 debenture, including all accrued and unpaid interest. The sole asset of AQE is the seismic equipment that was purchased from an associate of Lang at a purchase price of $1,097,100, paid by the issuance of 10,971,000 common shares of the Company at a deemed price of $0.10 per share, as disclosed in the Company’s news release dated May 26, 2014.
Canadian Quantum has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the sale of AQE to Lang (Formal Valuation – Issuer Not Listed on Specified Markets; Minority Approval – Financial Hardship).
About Canadian Quantum
Canadian Quantum is actively pursuing oil and gas opportunities in Western Canada and continues to hold various interests in approximately 174,000 gross acres covered by four permits in the St. Lawrence Lowlands, Quebec Utica Shale Play.
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.
This press release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Canadian Quantum’s business and the proposed transactions. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Canadian Quantum’s control, including the ability of Canadian Quantum to satisfy the conditions to completion of the proposed transactions, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Canadian Quantum believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Canadian Quantum does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Canadian Quantum Energy Corporation
President & CEO
(403) 452-7743 (FAX)