Cancen Announces Closing on Non-Brokered Private Placement of Common Shares

CALGARY, ALBERTA--(Marketwire - Jan. 23, 2013) -

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Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) is pleased to announce the closing of its non-brokered private placement (the "Non-Brokered Private Placement") of Common Shares.

Closing on Non-Brokered Private Placement of Common Shares

On December 28, 2012 the Corporation announced the first closing of its Non-Brokered Private Placement pursuant to which the new management team subscribed for 2,965,366 Units for total proceeds of $1,126,839, and an additional 3,636,393 Common Shares were issued to certain additional subscribers for total proceeds of $1,381,829. The aggregate gross proceeds from the first closing of the Non-Brokered Private Placement were $2,508,668.

On January 11, 2012 the Corporation announced that it would allocate the remaining unsubscribed Units available for subscription pursuant to the Non-Brokered Private Placement to the Common Shares portion of the offering, subject to the receipt of all required approvals.

Today the Corporation announces completion of its Non-Brokered Private Placement through the issuance of 1,294,241 Common Shares to certain subscribers identified by the new management team at a price of $0.38 per Common Share for $491,812 in gross proceeds. Therefore, the Non-Brokered Private Placement, combining the Units and Common Shares, generated aggregate gross proceeds of $3,000,480.

The net proceeds from the Non-Brokered Private Placement will be used for working capital and for general corporate purposes.

The Common Shares issued today are subject to a four month hold period expiring on May 24, 2013.

About Cancen

Cancen is an energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Cancen assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Cancen include crude oil emulsion treatment, oilfield waste processing, and disposal of produced and waste water.

Reader Advisory

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Corporation's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the use of proceeds from the Non-Brokered Private Placement. Such statements and information reflect the current view of the Corporation with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

The Corporation cautions that the foregoing list of material factors is not exhaustive. When relying on Cancen's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Corporation has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.