Addax Petroleum completes US$450 million IPO

On February 16, 2006, Addax Petroleum Corporation announced that it had successfully completed an initial public offering of 21 million common shares to the public at a price of $19.50 per share for gross proceeds of $409.5 million. On February 24, the underwriting syndicate exercised its over-allotment option to purchase 2,100,000 common shares resulting in additional gross proceeds of $40,950,000. In total, Addax Petroleum issued 23,100,000 common shares pursuant to the offering for gross proceeds of $450,450,000. The Calgary and Toronto offices of Fasken Martineau have been advisors to Addax Petroleum in this IPO, one of the largest common stock offerings in Canada in recent years.