Anglo Canadian Oil Corp.

Anglo Canadian Oil Corp.

November 25, 2010 18:13 ET

Anglo Canadian Oil Corp. Announces Closing Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 25, 2010) -


Anglo Canadian Oil Corp. ("Anglo" or the "Corporation") (TSX VENTURE:ACG) is pleased to announce that it has closed the balance of its previously announced non-brokered private placement (the "Offering").

Pursuant to the Offering, the Corporation issued 7,698,927 units ("Units") at price of $0.21 per Unit and 1,532,900 common shares ("Common Shares") of the Corporation on a flow-through basis (the "Flow-Through Shares") at a price of $0.25 per Flow-Through Share for aggregate gross proceeds of $2,250,000. Each Unit consists of one Common Share and one half of one Common Share purchase warrant ("Warrant") and each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.28 per Common Share at any time during the period of 18 months from the closing date.

There is a four month hold period on the Common Shares, Flow-Through Shares and Warrants issued pursuant to the Offering which expires on March 25, 2011.

The Corporation paid a cash finder's fee to certain arm's length parties who assisted with the placement of the Units and Flow-Through Shares (collectively, the "Securities") equal to 7% of the value of Securities places by such parties and issued non-transferable Warrants to such parties entitling the holders to acquire up to 8% of that number of Securities sold by such parties.

The majority of the proceeds will be used to further evaluate the lands containing the prospective Nordegg resource in west central Alberta by drilling, coring and logging a number of wells on the property. The remainder will be used for general corporate purposes and to increase production on the Issuer's SW Saskatchewan oil bearing properties.

Anglo is a Calgary, Alberta based Corporation engaged in the exploration, development and production of petroleum and natural gas. The Common Shares are listed on the TSX Venture Exchange under the trading symbol "ACG".


Certain statements contained herein constitute forward-looking statements, including the anticipated use of the net proceeds from the Offering. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The intended use of the net proceeds might change if the board of directors determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. Except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction. 

Neither the 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.

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