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Examples
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Under the terms of the Agreement, Geofinance will have the right to nominate two of the six directors to the board of directors of the Company from time to time and will initially nominate Thomas Rebilly and Richard Norris.
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Geofinance also owns 38. 5% of Geoservices, a large oilfield services company with annual sales in excess of US$500 million.
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Candax Energy Inc. ( "Candax") (TSX: CAX) announces that the Company has entered into an investment agreement (the "Agreement") with Geofinance NV, an international upstream oil and gas company ( "Geofinance").
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Under the terms of the Agreement, Geofinance will have the right to nominate two of the six directors to the board of directors of the Company from time to time and will initially nominate Thomas Rebilly and Richard Norris.
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If the board accepts such a Superior Proposal it must immediately pay Geofinance C$6,000,000.
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If all of the Warrants are exercised, Geofinance will own 231,111,110 common shares in aggregate representing approximately 58% of the issued and outstanding common shares of Candax.
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Thomas Rebilly, Director of Geofinance NV and Chairman of Geopetrol SA, a subsidiary of Geofinance which owns the producing assets in France, commented about the investment of Geofinance in Candax stating:
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Thomas Rebilly, Director of Geofinance NV and Chairman of Geopetrol SA, a subsidiary of Geofinance which owns the producing assets in France, commented about the investment of Geofinance in Candax stating:
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The investment by Geofinance will provide Candax with the funding to undertake the remedial work on the El Bibane field and this combined with the Bank of Scotland facility restructuring that is currently being negotiated, provides Candax with a significantly enhanced capital base and balance sheet.
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Geofinance also owns 38. 5% of Geoservices, a large oilfield services company with annual sales in excess of US$500 million.
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