Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

December 21, 2009 17:24 ET

Canoel Announces Issuance of Shares

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2009) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce that it has issued and sold to subscribers, by way of a private placement under prospectus and registration exemptions, an aggregate of 1,260,000 units ("Units") at a price of $0.17 per Unit for aggregate gross proceeds of $214,200. Each Unit consists of one common share in the capital of Canoel, one-half of one common share purchase warrant ("Year 1 Warrant") and one-half of one common share purchase warrant ("Year 2 Warrant"). Each whole Year 1 Warrant will entitle the holder to purchase one additional common share of Canoel at $0.30 for a period of one year from the date of the first sale of Units under the Offering and each whole 2 Year Warrant will entitle the holder to purchase one additional common share of Canoel at $0.40 for a period of two years from the date of the first sale of Units under the Offering, subject to early termination if, at any time following four months and one day from the date of the last closing under the Offering, the closing price of the Common Shares on the TSX Venture Exchange exceeds $0.40, in the case of Year 1 Warrants, and $0.50 in the case of Year 2 Warrants for 15 consecutive trading days.

The Company also paid to those who assisted the Company in sourcing subscriptions for the offering cash commissions of an aggregate of $21,420 and warrants entitling the holders thereof purchase an aggregate of 45,000 common shares of the Company at a price of $0.30 per share on or before December 18, 2010.

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.

Contact Information

  • Canoel International Energy Ltd.
    Andrea Cattaneo
    Chief Executive Officer and President
    (403) 262-9596
    info@canoelenergy.com