ROUYN-NORANDA, QC, Nov. 29, 2019 /CNW Telbec/ - Fieldex
Exploration Inc. (TSXV: FLX) (Frankfurt: F7E1) announces
the termination of the Business Combination Agreement dated
May 24, 2019, as amended, between Fieldex and Copeland
Biosciences Corp. ("Copeland Biosciences") and of the
Amalgamation Agreement dated as of May 24, 2019, as
amended, among Fieldex, Copeland Biosciences and 1209908 B.C. Ltd., a wholly-owned subsidiary of
Fieldex incorporated for the purposes of completing the proposed
reverse take-over of Fieldex by Copeland Biosciences (the
"Reverse Take-over"). The Business Combination
Agreement and Amalgamation Agreement were terminated due to the
failure by Copeland Biosciences to raise the minimum financing
required as a closing condition for the Reverse Take-over.
As a result of the termination of the two agreements, Fieldex
will not proceed with the Reverse Take-over. Fieldex will
focus on finding other opportunities to increase shareholder
value. In addition, none of the resolutions relating to the
Reverse Take-over approved by Fieldex shareholders at the annual
and special meeting held on August 5,
2019 will be carried out, including the change of Fieldex's
corporate name to "Copeland Biosciences Corp", the change of the
province in Canada where the
registered office of Fieldex is located from Québec to Ontario, the voluntary delisting of the common
shares of Fieldex from the TSX Venture Exchange ("TSXV") and
the listing of the common shares of Fieldex on the Canadian
Securities Exchange. There is no penalty receivable or payable
by Fieldex in connection with the termination of the Reverse
Take-over.
Trading in Fieldex's shares was halted on June 6, 2017 in
accordance with the policies of TSXV. Given the termination
of the Business Combination Agreement and Amalgamation Agreement,
Fieldex will file an application with the TSXV to request that
trading of its common shares resume. Fieldex will confirm in
press release the date, if any, on which trading in its common
shares will resume on the TSXV.
About Fieldex
Fieldex is a mineral resource company
based 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.
www.fieldexexploration.com
SOURCE Fieldex Exploration Inc.