|
|
Candax Energy Inc. ("Candax")
(TSX:CAX) wishes to inform shareholders that the TSX press release that was
issued on Friday, December 17th forms part of the listing review process,
also known as a "de-listing review", a routine procedure when any
company uses the financial hardship exemption described below.
As indicated in Candax's
press release of December 14th describing the proposed debt restructuring
plan (the "Debt Restructuring Plan"), Candax
has made an application to the TSX for the listing of shares that would be
issued pursuant to the debt restructuring. The TSX has advised Candax that application of the 'financial hardship'
exemption from the requirement to seek shareholder approval automatically
results in a TSX review to confirm that Candax
continues to meet TSX listing requirements - this is a routine procedure when
a listed company applies for this exemption. Candax
has received confirmation from the TSX that Candax
has until April 15, 2011 for the determination of whether it continues to
meet the listing requirements of the TSX. Candax
fully expects to be able to show that it meets applicable TSX listing
requirements following completion of the Debt Restructuring Plan.
Candax Energy Inc. is an international energy company with
its head office in Toronto and offices in Tunis and Madagascar. The Candax group is engaged in exploration and the production
of oil and gas and power generation in Tunisia and holds an interest in an
exploration permit in Madagascar.
This press release includes "forward looking
statements", within the meaning of applicable securities legislation,
which are based on the opinions and estimates of management and are subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the
forward looking statements. Forward-looking statements are often, but not
always, identified by the use of words such as "seek",
"anticipate", "budget", "plan",
"continue", "estimate", "expect",
"forecast", "may", "will", "project",
"predict", "potential", "targeting",
"intend", "could", "might", "should",
"believe" and similar words suggesting future outcomes or
statements regarding an outlook. Such risks and uncertainties include, but
are not limited to, risks associated with the oil and gas industry (including
operational risks in exploration development and production at El Bibane; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the risk that
the transactions with Geofinance under the Debt
Restructuring Plan may not complete; the ability of Candax
to continue to service its debt; the uncertainty of reserve estimates; the
uncertainty of estimates and projections in relation to production, costs and
expenses; the uncertainty surrounding the ability of Candax
to obtain all permits, consents or authorizations required for its operations
and activities; and health safety and environmental risks), the risk of
commodity price and foreign exchange rate fluctuations, the ability of Candax to fund the capital and operating expenses
necessary to achieve the business objectives of Candax,
the uncertainty associated with commercial negotiations and negotiating with
foreign governments and risks associated with international business
activities, as well as those risks described in public disclosure documents
filed by Candax. Due to the risks, uncertainties
and assumptions inherent in forward-looking statements, prospective investors
in securities of Candax Energy Inc. should not
place undue reliance on these forward-looking statements.
|
|