Candax Energy has obtained approval of holders of common shares on a disinterested basis with respect to a previously announced private placement of up 214,363,636 units.

At a special meeting of Shareholders today, 64,538,695 votes were cast approving the Private Placement representing 99.6% of the disinterested Shareholders who voted. As a result of the Private Placement, Candax expects to raise an aggregate of $11,790,000, of which $9,790,000 will be invested by International Finance Corporation a member of the World Bank Group and $2,000,000 will be invested by certain directors and senior management of Candax.

Each Unit will be issued at a subscription price of $0.055, and will be comprised of one common share of Candax and one Common Share purchase warrant.

Tags: Candax Energy Inc.