Winnipeg, Manitoba - TheNewswire - September 6, 2019 - Namex Explorations Inc., (NAMEX) is an exploration company currently undergoing a fundamental change of business and plans to apply to list its common shares on the CSE Exchange. NAMEX is pleased to announce that the Cease Trade Order issued against the Company has been revoked by all three relevant securities commissions. In this regard Namex's disclosure documentation including financial statements have been brought up to date and are available on SEDAR. (www.sedar.com). The Company plans to apply for listing on the CSE exchange once it has completed several business agreements and secured financing.
Cease Trade Orders were issued against the Company in Quebec, Alberta and British Columbia in February 2015 for failure to file its 2014 Financial Statements. This was a result of the Company depleting its funds in early 2014 during the start of the downturn in the exploration industry and despite having several properties of merit, the company was unable to secure funding for further exploration.
Management has since divested of all mineral properties and is no longer involved in any exploration activities. NAMEX currently has entered into a number of agreements that creates a new business venture within the wellness industry. NAMEX will be a joint venture partner and manager in the operations of cultivating and harvesting of hemp, as well as a CBD extraction facility located in Jamaica.
Subsequently the Company brought its financial statements up to date and signed letters of intent to establish this new joint venture and business direction. The 2017, 2018 and 2019 Financial Statements and their respective Management Discussion and Analysis (MD&A) have been filed on SEDAR (www.sedar.com). An Annual and Special Meeting will be held at the Company's office in Winnipeg, Manitoba once a date has been established. All filings will be available on SEDAR. The shareholders will be asked to approve the election of a new slate of Directors, and agreements related to establishing the new business, as well as a change of name and changes to the Articles of Incorporation.
The securities commissions of Quebec, British Columbia and Alberta have given notice that the Cease Trade Orders issued in 2015 have been revoked in all three jurisdictions following submission and acceptance of all disclosure items.
"The revocation of the Cease Trade Orders is an important milestone for Namex," George Gale, CEO & Chairman, stated: "We can now focus on building the Company up from the solid foundation provided by a new Board of Directors and management team.
The Company was a former junior mineral exploration company. The Company has identified a new business and Namex is now focusing on cultivating and processing hemp for the extraction of CBD for sale in the rapidly expanding health and wellness market. The Company is attempting to establish funding to complete agreements for the execution of its business plan. For additional information, please visit us at www.namx.ca
No Exchange has reviewed or accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings that are available at www.sedar.com.