* Vote 99.95 pct in favor of deal

* Sale could be wrapped up as soon as Monday

* Verenex shares edge 0.28 pct higher in Toronto (Adds detail and comment.)

CALGARY, Alberta, Dec 11 - Shareholders of Verenex Energy Inc (VNX.TO) overwhelming approved the C$317 million ($299 million) sale of the small Canadian oil explorer on Friday to a Libyan sovereign wealth fund, ending an international takeover battle that saw Libya block a richer offer from China.

Shareholders voted 99.95 percent in favor of the C$7.09 per share offer from the Libyan Investment Authority (LIA). Verenex also plans to distribute its working capital to investors, adding as much as another 15 Canadian cents a share to the price.

The sale, which still requires court and regulatory approvals, ends a drawn-out takeover battle that saw Libya block a C$10 a share offer from China National Petroleum Corp [CNPET.UL] as it looked to acquire Verenex's oil discoveries in the North African country's Ghadames Basin.

The Chinese offer was made in February and rescinded in September after the Libyan government refused to approve the deal.

The move sparked infighting in the upper reaches of Libya's government and raised concerns about whether the country would continue to welcome foreign investment in its oil sector.

However, despite Libya's move to trump the higher Chinese bid, Jim McFarland, Verenex's chief executive, said he was pleased to have the sale wrapped up.

It's been a long, tough journey, McFarland said. We want to get this wrapped up as soon as we can, given the delays in the whole process. But we think the (offer) we finally worked out with the LIA is best alternative available, given the circumstances.

Verenex shares rose 2 Canadian cents, or 0.28 percent, to C$7.17 on the Toronto Stock Exchange.

($1=$1.06 Canadian) (Editing by Rob Wilson)