Phoenix Canada Oil Company Limited Announces Closing of Private Placement Financing

TORONTO, ONTARIO--(Marketwired - April 29, 2016) - Phoenix Canada Oil Company Limited (TSX VENTURE:PCO) ("Phoenix" or the "Company") is pleased to announce that further to its press release of April 19, 2016, the Company has closed the non-brokered working capital unit private placement of $280,000 (the "Offering") with the sale of 200,000 working capital units (each a "WC Unit") of the Company at a price of $1.40 per WC Unit.

Each WC Unit consists of one (1) common share of the Company and one (1) common share purchase warrant (a "WC Warrant"). Each WC Warrant entitles the holder to purchase an additional common share at a price of $1.50 per Warrant Share until April 29, 2018. No finders' fees were paid in this Offering. All of the securities referred to herein are legended and restricted from trading until at least August 30, 2016.

The funds raised will be used for working capital.

The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the insiders does not exceed 25% of its market capitalization.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.