Candax Receives Shareholder Approval in Respect of Private Placement with Geofinance NV

ENPNewswire-11 March 2010-Candax Receives Shareholder Approval in Respect of Private Placement with Geofinance NV(C)2010 ENPublishing - http://www.enpublishing.co.uk Release date- 10032010 - TORONTO, ONTARIO - Candax Energy Inc. ('Candax') (TSX:CAX) is pleased to announce that it has received the approval, by way of written consent in accordance with Subsection 604(d) of the Company Manual of the Toronto Stock Exchange (the 'TSX'), of a majority of its shareholders, in respect of the private placement (the 'Transaction') by the Corporation of 144,444,444 units of the Corporation (the 'Units') at the price of C$0.09 per Unit to Geofinance N.V. ('Geofinance') pursuant to an investment agreement dated January 29, 2010 between the Corporation and Geofinance, as amended on February 12, 2010 (the 'Agreement'). Each Unit will be comprised of one common share of the Corporation ('Common Share') and 0.6 of one common share purchase warrant (each whole warrant a 'Warrant'). The Warrants may be exercised for a period of one year from the date of the closing of the Transaction at a price equal to the current market price (calculated on the basis of a five day volume weighted average trading price for the Common Shares on the TSX) on the date of exercise. The Warrants are transferable and contain standard anti-dilution provisions in the event that the Corporation should undertake a share reorganization, a rights offering, a special distribution or a capital reorganization.