ITP Energy Corporation (OTCBB:ITPG) announced that it intends to conduct a private placement of equity, debt or equity-linked securities for gross proceeds of $7,000,000 on November 23, 2011. Maxim Group LLC will act as the exclusive placement agent to the company. The transaction will close on commercially reasonable best efforts basis. The transaction will see participation from one or more accredited investors. The terms of the securities and the gross proceeds to the company will be negotiated with one or more accredited investors, if any. Pursuant to the placement agency agreement the company has agreed to indemnify Maxim Group LLC against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The company may also be required to contribute to payments Maxim Group LLC may be required to make in respect of such liabilities. The placement agency agreement expires on January 31, 2012. The transaction was cancelled as on May 23, 2012.