Candax Energy Inc. Announces Closing of Going Private Transaction with Its Major Shareholder

TORONTO, ONTARIO--(Marketwired - Nov. 17, 2015) - Candax Energy Inc. (the "Company") is pleased to announce the closing of its previously announced going private transaction with Geofinance N.V. ("Geofinance") pursuant to a statutory plan of arrangement (the "Arrangement"). The Arrangement was approved at a special meeting of the shareholders of the Company on November 12, 2015. Final court approval was obtained from the Supreme Court of British Columbia on November 17, 2015. Pursuant to the Arrangement, Geofinance acquired all of the issued and outstanding common shares (the "Shares") in the capital of the Company that it did not already own. The Company is now a wholly-owned subsidiary of Geofinance.

Pursuant to the Arrangement, Geofinance paid Cdn.$0.002 per Share in cash to holders of all of the issued and outstanding Shares that it did not already own for total cash consideration of approximately Cdn.$411,250.

As previously announced, the Shares were delisted from the Toronto Stock Exchange at the close of markets on September 17, 2015. The Company has applied to cease to be a reporting issuer in all of the provinces of Canada in which it is currently a reporting issuer.

For former shareholders who held their Shares through an intermediary, the delivery of the cash consideration under the Arrangement will be processed through their intermediary. For former shareholders who held their Shares in registered form, the cash consideration will be processed after they deposit their share certificates with Computershare Investor Services Inc. ("Computershare"), the depositary under the Arrangement, in accordance with the instructions in the letter of transmittal previously sent. Any questions regarding delivery of the cash consideration under the Arrangement should be directed to Computershare by telephone at 1-800-564-6253 toll-free in North America, 1-514-982-7555 outside North America or by e-mail at corporateactions@computershare.com.