Leezamax Capital Corp.

March 19, 2009 12:55 ET

Leezamax Capital Corp. Announces Termination of Proposed Transaction

SURREY, BRITISH COLUMBIA--(Marketwire - March 19, 2009) - Leezamax Capital Corp. (TSX VENTURE:LZX.P) ("Leezamax") announces that its term sheet agreement with Tomy Investments Pty. Ltd. and Silverbridge Capital Inc. respecting the proposed acquisition of Axiom Energy Limited ("Axiom"), dated November 19, 2007, has been terminated. Leezamax had previously announced (November 22, 2007) that it had reached an agreement for the acquisition of 100% of the issued and outstanding shares of Axiom. Leezamax had intended that this transaction would meet the requirements for a Qualifying Transaction (as defined in TSX Venture Exchange Policy 2.4) however, certain obligations under the term sheet agreement were not fulfilled within the timeframes stipulated in the agreement.

Trading in the common shares of Leezamax was halted pending the announcement and completion of the proposed Qualifying Transaction, but trading is now expected to resume shortly under the symbol LZX.P.

Leezamax continues to actively pursue other opportunities for potential Qualifying Transactions and expects that it has enough cash to find and complete a Qualifying Transaction.

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.

Contact Information

  • Leezamax Capital Corp.
    Terry Rogers
    President and CEO
    (604) 531-8113