Canadian Energy Exploration Inc.
TSX VENTURE : XPL

Canadian Energy Exploration Inc.

July 04, 2011 17:03 ET

Canadian Energy Exploration Inc. Announces Final Closing of Private Placement Equity Financing

CALGARY, ALBERTA--(Marketwire - July 4, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Canadian Energy Exploration Inc. (the "Corporation") (TSX VENTURE:XPL) is pleased to announce that it has closed an additional and final tranche of its previously announced equity financing (see Canadian Energy's press releases dated May 20, 2011 and June 15, 2011) and has issued an additional 2,742,504 units of the Corporation ("Units") at a subscription price of $0.09 per Unit for aggregate gross proceeds of Cdn$246,825.36. Each Unit consists of one common share in the capital of the Corporation (a "Common Share") and one half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a purchase price of $0.15 per share until December 15, 2012. As a result of the two closing, the Corporation has issued an aggregate of 23,675,504 Units and 39,970,000 flow-through shares for aggregate gross proceeds of $6,127,795.30.

Casimir Capital Ltd. (the "Agent") acted as agent and was paid a cash commission and was granted additional warrants ("Agent's Warrants") to purchase 191,975 Common Shares at a subscription price of $0.09 per share, such Agent's Warrants being exercisable until December 15, 2012.

All securities issued on June 30, 2011 are subject to a four month hold period under applicable laws until October 31, 2011.

About Canadian Energy Exploration Inc.

Canadian Energy is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in Western Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "XPL".

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Canadian Energy in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person absent registration or an applicable exemption from the registration requirements of such Act or laws.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the offering, including statements regarding the terms and conditions of the offering, additional closings and the use of proceeds of the offering. Readers are cautioned to not place undue reliance on forward-looking statements. Forward-looking statements are based on certain key assumptions made by the Corporation, including assumptions regarding the ultimate terms of the proposed offering, the satisfaction of conditions to the completion of the offering and the receipt of all regulatory and stock exchange approvals. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the offering, that the ultimate terms of the offering will differ from those that currently are contemplated or that the offering will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities). The forward-looking statements in this news release are made as of the date of this release and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements whether as a result of new information or otherwise, except as required by applicable securities laws. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation or its financial or operating results or (as applicable) their securities.

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.

Contact Information

  • Canadian Energy Exploration Inc.
    Larry Buzan
    President and Chief Executive Officer
    (403) 229-2800
    buzan@cdnenergy.com