NOT FOR DISTRIBUTION IN THE UNITED STATES
AMSTERDAM, Netherlands, Nov. 17, 2015 /CNW/ - Geofinance N.V. ("Geofinance") acquired all of the common shares ("Common Shares") of Candax Energy Inc. ("Candax") that it did not already own by way of a statutory plan of arrangement completed on November 17, 2015 (the "Arrangement").
Pursuant to the Arrangement, Geofinance paid Cdn.$0.002 per Common Share in cash to holders of all of the issued and outstanding Common Shares that it did not already own for total cash consideration of approximately Cdn.$411,250.
Immediately prior to the effective time of the Arrangement, Geofinance had ownership and control of 862,304,271 Common Shares representing approximately 80.75% of the issued and outstanding Common Shares. Under the Arrangement, Geofinance acquired ownership of the 205,625,238 Common Shares that it did not already own. Immediately following completion of the Arrangement, Geofinance has ownership and control of 1,067,929,509 Common Shares, being 100% of the Common Shares. Candax is now a wholly-owned subsidiary of Geofinance.
SOURCE Geofinance N.V.
For further information: Geofinance will file an early warning report under Canadian securities laws. For a copy of the early warning report, go to www.sedar.com or contact Kevin R. West, SkyLaw Professional Corporation at 1.416.759.5299.