Enex Energy CorpPSE: ENEX

Update on Corporate Actions/Material Transactions/Agreements

· Issued by Enex Energy Corp
SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Jun 6, 20222. SEC Identification Number 0940088113. BIR Tax Identification No. 004-500-964-0004. Exact name of issuer as specified in its charter ACE Enexor, Inc.5. Province, country or other jurisdiction of incorporation Makati City, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 4th Floor, 6750 Office Tower, Ayala Avenue, Makati CityPostal Code12268. Issuer's telephone number, including area code (02) 7730 63009. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 250,000,001
11. Indicate the item numbers reported herein Item 9 - Other Matters

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

ACE Enexor, Inc.ACEX PSE Disclosure Form 16-1- Update on Corporate Actions/
Material Transactions/Agreements References: SRC Rule 17 (SEC Form 17-C) and
Section 16 of the Revised Disclosure Rules
Subject of the Disclosure

Cancellation of the Company's Stock Rights Offering, Follow-On Offering, and Shelf Registration

Background/Description of the Disclosure

To recall, on 18 October 2021, the Board of the Directors of the Company approved the conduct of a Stock Rights Offering ("SRO") of up to 105 million of the Company's shares at Php10.00 per share.

On 21 March 2022, the Company's Executive Committee, by authority of the Board of Directors, approved, among others, the conduct of a Follow-On Offering ("FOO") with a size of up to 74,000,000 shares to be priced at P10 to P11.84 per share, and the submission of such applications and other documents as are necessary to implement the FOO with the relevant regulators.

Thereafter, on 28 March 2022, the Company's Executive Committee, by authority of the Board of Directors, approved, among others:

1. (a) the filing by the Company with the Securities and Exchange Commission ("SEC") of a registration statement covering a three-year shelf registration (the "Shelf Registration") of up to 649,870,100 primary common shares (the "Securities"), (b) the Company's offer, issuance and listing of such Securities in up to three separate tranches, and (c) the filing of the corresponding application for the listing of the Securities issued under each such tranche with the Philippine Stock Exchange ("PSE"); and

2. The offer and issuance by the Company, out of the Securities to be shelf registered, in the following tranches: (a) up to 74,000,000 Securities through a FOO; (b) up to 339,076,058 Securities to AC Energy Corporation (PSE:ACEN) at an issue price of PhP10.00 per share in exchange for certain properties of ACEN pursuant to the asset for the share swap transaction executed with the Company on 29 December 2021; and (c) up to 236,794,042 Securities through a stock rights offering, all subject to compliance with all applicable SEC and PSE rules and regulations.

On 25 April 2022, during the Company's Annual Stockholders' Meeting, stockholders holding at least majority of the Company's outstanding capital stock approved, among others, the issuance of up to 74,000,000 shares of the Company pursuant to the Company's planned FOO at an FOO price range of Php10.00 to Php11.84 per share (the "FOO Shares"); and the registration under the Securities Regulation Code with the SEC and listing with the PSE of the FOO Shares.

Please be informed that, during the Company's special meeting of the Board of Directors held on 3 June 2022, the Board of Directors approved the cancellation of the SRO, FOO, and the Shelf Registration due to unfavorable market conditions.

Meanwhile, the Company will continue to explore relevant opportunities in energy transition space, including the opportunities under Service Contract 55 as management continues to look for the right partner for this endeavor.

Other Relevant Information

This disclosure is related to Disclosure Report No. C06939-2021 dated 19 October 2021, Disclosure Report no. C01849-2022 dated 22 March 2022, Disclosure Report No. C02013-2022 dated 28 March 2022, and Disclosure Report No. C02891-2022 dated 27 April 2022.

This disclosure is amended today, 6 June 2022, to include the Company's next steps as stated in the last paragraph of the disclosure above.

Filed on behalf by:
Name Dodjie Lagazo
Designation Corporate Secretary

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