Candax Energy Inc.

Candax Energy Inc.

November 13, 2015 14:53 ET

Candax Energy Inc. Announces Special Meeting of Shareholders has Approved the Going Private Transaction With its Majority Shareholder

TORONTO, ONTARIO--(Marketwired - Nov. 13, 2015) - Candax Energy Inc. ("Candax" or the "Company") is pleased to announce that the shareholders of Candax at a special meeting on November 12, 2015 approved the previously announced statutory plan of arrangement with Geofinance N.V. (the "Arrangement") pursuant to which Candax will be taken private. Shareholders approved the Arrangement with over 99% of the votes cast in favour of the Arrangement, excluding the votes of Geofinance.

Candax will seek final approval of the Arrangement from the Supreme Court of British Columbia on November 17, 2015. Assuming the receipt of such final approval and the satisfaction of certain other customary conditions, closing of the Arrangement is expected to occur on or about November 17, 2015.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to the completion of the Arrangement on the terms as provided or at all, receipt of requisite shareholder and judicial approvals which are conditions of the Arrangement, and other matters which could arise with respect to a transaction of this nature. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and the reader is referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada at www.sedar.com.

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