Sinopec Takes Up Addax's Shares, Extends Offer for Remaining Shares
Sinopec International announced that 153,734,120 common shares of Addax Petroleum Corporation ("Addax Petroleum"), which represent approximately 92.67% of the Addax Petroleum common shares on a diluted basis, have been tendered to the offer (the "Offer") dated July 9, 2009 made by Mirror Lake Oil and Gas Company Limited ("Mirror Lake"), an indirect wholly-owned subsidiary of Sinopec International. Since all of the conditions to the Offer have been satisfied, Mirror Lake has taken up all of the Addax Petroleum common shares tendered to the Offer as of this date.
Sinopec International would also like to announce that it has extended the expiration date of its Offer pursuant to a provision of the Acquisition Agreement entered into in connection with the Offer that requires Mirror Lake to extend the Offer for at least one 10 day period in order to permit Addax Petroleum shareholders (such as holders of Addax Petroleum common shares under the long term equity incentive plan of Addax Petroleum or on conversion of the convertible bonds of Addax Petroleum) that have not tendered their Addax Petroleum common shares to accept the Offer and tender their Addax Petroleum common shares. The Offer, which was scheduled to expire at 7:00 PM Toronto time, on Friday, August 14, 2009, has been extended until 11:59 PM Toronto time, on Thursday, August 27, 2009.
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