Candax Energy Inc.

Candax Energy Inc.

April 12, 2006 11:11 ET

Actis Exercises 18,750,000 Candax Energy Warrants

TORONTO, ONTARIO--(CCNMatthews - April 12, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States.

Candax Energy Inc. ("Candax") (TSX:CAX) is pleased to announce that it has been notified that Actis Capital LLP (Actis), on behalf of investment funds it manages, has issued instructions to exercise all of the funds' 18,750,000 warrants, representing net proceeds to Candax of $22.5 million. The funds exercising the warrants are as follows: Actis Africa Fund 2, LP: 14,682,656 warrants, the Actis Executive Co-Investment Plan, LP: 223,594 warrants and CIFA Investments, LP, (which Actis co-manages with Cordiant Capital ("Cordiant")): 3,843,750 warrants. Subsequent to the exercise of the warrants, Actis, and its co-manager of CIFA Investments, LP, Cordiant, will have control and direction of 56,250,000 of Candax's common shares.

In 2005, Actis, a leading private equity investor in emerging markets, made a pre-IPO cornerstone investment in Candax of $30 million. Actis is pleased to continue to support Candax through the exercise of the warrants.

Candax Energy is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships and extensive management experience.

Contact Information

  • Candax Energy Inc.
    John Clarke
    Executive Vice President, Corporate
    (416) 361-2824
    (416) 364-5400 (FAX)
    Pro-Edge Consultants Inc.
    Fred Cowans or Tracy Weslosky
    Managing Partners
    (866) 544-9622 or (416) 581-0177
    Ben McKeown
    Investment Principal