Geofinance N.V. Acquires Additional Shares of Candax Energy Inc. from International Finance Corporation


AMSTERDAM, Netherlands, June 11, 2015 /CNW/ - Geofinance N.V. ("Geofinance") has entered into a share sale agreement with International Finance Corporation ("IFC") to acquire from IFC 178,000,000 common shares of Candax Energy Inc. ("Candax") (TSX: CAX) , representing approximately 16.67% of the issued and outstanding common shares of Candax, for Cdn.$55,000 in cash, or approximately Cdn.$0.00030899 per common share.  The acquisition is subject to customary closing conditions.

After giving effect to the acquisition, Geofinance will have ownership and control of 862,304,271 common shares of Candax representing approximately 80.75% of the issued and outstanding common shares of Candax. 

Geofinance holds the shares for investment purposes.  Depending on various factors, Geofinance may take such actions with respect to its investment in Candax as it deems appropriate, including, without limitation, purchasing additional securities of Candax or selling some or all of the securities, engaging in hedging or similar transactions with respect to securities of Candax and/or otherwise changing its intentions with respect to the purpose of its investment in Candax.

Geofinance is relying upon the private agreement exemption contained in section 100.1 (1) of the Securities Act (Ontario) and section 4.2 of Multilateral Instrument 62-104, as applicable, as the value of the consideration paid does not exceed the maximum amount payable under such exemption and the acquisition is being made from not more than five persons.

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 or contact Kevin R. West, SkyLaw Professional Corporation at 1.416.759.5299.

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