OilVoice - Candax Receives Credit Approval from Bank of Scotland

Candax Receives Credit Approval from Bank of Scotland

Wednesday, March 03, 2010

Candax Energy Inc. confirms that credit approval has been received from the Bank of Scotland to the terms of a substantial restructuring of the US$45 million loan facility subject to completion of documentation and closing of the previously announced investment agreement with Geofinance NV. In the meantime, the waiver has been extended to March 15, 2010. The investment transaction announced on February 1, 2010 is proceeding on schedule subject to receipt by Candax of the required number of shareholder consent forms. Further details on the credit approval will be provided upon closure of the facility amendment and investment agreements in due course.