Fieldex Exploration Inc. nixed the previously agreed reverse takeover with Idénergie Inc., a Quebec-based private renewable energy company, and the spin out of the company's resource properties into a new public company, QUAD Resources Inc.
The parties signed an amended takeover deal in September 2017, under which Fieldex agreed to combine with Idénergie and become a renewable energy clean tech company.
"The two companies mutually agreed that the public markets for emerging clean technology companies specialized in the field of power electronics are not conducive to financing opportunities," Fieldex President and CEO Martin Dallaire said March 7.
Fieldex also decided not to change its name to Idenergy Corp./Corp. Idénergie following the deal termination.
Additionally, Sébastien Bellefleur resigned from the Fieldex board. The company said in a March 8 release that Jean-François Madore also resigned as a company director.