Canamax Energy Ltd.: Update on Brokered Private Placement

CALGARY, ALBERTA--(Marketwired - May 8, 2014) - Canamax Energy Ltd. ("Canamax" or the "Company") (TSX VENTURE:CAC) announces that the closing of the second tranche of its previously announced Offering (as defined below) will be delayed in order to provide the Company and the Agents (as defined below) with additional time to receive, complete and accept documentation from subscribers who have commenced the subscription process prior to the date hereof. Canamax and the Agents do not intend to accept further subscriptions at this time. Canamax anticipates that the closing of the second tranche of the Offering will occur on or around May 15, 2014.

The offering (the "Offering") consists of a minimum of 4 million and a maximum of 12 million units (the "Units") at a price of $1.25 per Unit. Each Unit consists of one common share of Canamax (a "Common Share") and one-half of one common share purchase warrant of Canamax (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share for $2.40 per share for the period commencing on the date of issuance and ending on March 31, 2016. The Company issued 6,252,616 Units on closing of the first tranche on April 30, 2014.

Haywood Securities Inc. and Cormark Securities Inc., as co-lead agents, together with National Bank Financial Inc. and Leede Financial Markets Inc. (collectively, the "Agents") are acting as Agents for the Offering.

The Offering remains subject to final approval by the TSXV and all securities issued pursuant to the Offering will remain subject to applicable hold periods.

About Canamax

Canamax is a junior oil and gas company in the business of consolidating micro-cap junior oil and gas companies and exploiting low risk development opportunities in the Western Canadian Sedimentary Basin.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates", "seeks" and similar expressions. Specific forward-looking statements in this press release include but are not limited to comments related to closing of a second tranche of the Offering.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Additional information on these and other factors that could affect Canamax's operations or financial results are included in Canamax's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com.) or by contacting Canamax.

The forward looking statements contained in this news release are made as of the date of this news release, and Canamax does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.