TORONTO, ONTARIO--(Marketwired - Nov. 26, 2014) - As a result of the settlement of debt of the Jenex Corporation (the "Corporation) (TSX VENTURE:JEN.H) and accrued interest thereon, Mr. David Woods, 2 St. Clair Avenue West, Suite 1002, Toronto, Ontario M4V 1L5, acquired, and now owns and controls, 20,000,000 common shares of the Corporation, representing 18.2% of the outstanding common shares of the Corporation on a undiluted basis and 8,396,780 warrants to purchase common shares of the Corporation, representing in aggregate, 24.03% of the outstanding common shares of the Corporation on a partially diluted basis. Mr. Woods converted $1,000,000 in outstanding debt into common shares of the Corporation at a price of $0.05/share. Outstanding interest in excess of $1,200,000 was reduced in exchange for $419,838 principal amount of secured debentures and 8,396,780 warrants to purchase common shares of the Corporation. Mr. Woods has agreed not to exercise his warrants so as to increase his holdings of common shares above 20%, without first obtaining the approval of disinterested shareholders at the next meeting of shareholders of the Corporation. Mr. Woods acquired the securities for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership of common shares of the Corporation or other securities of the Corporation whether in the open market, by privately negotiated agreement or otherwise. The debt settlement was completed in reliance on Section 2.14 - Securities for Debt of National Instrument 45-106 - Prospectus and Registration Exemptions adopted by the Canadian Securities Administrators.
An early warning report with additional information will be filed on and can be obtained under the Corporation's profile on SEDAR at www.sedar.com. To obtain a copy of the early warning report please contact David Woods at 416-816-2801.
Contact Information:
416-816-2801