Cancen Oil Canada Inc

November 08, 2011 09:00 ET

Cancen Announces Purchase of Disposal Well Near Athabasca, Alberta

EDMONTON, ALBERTA--(Marketwire - Nov. 8, 2011) - Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) announces that it has entered into an assignment agreement dated November 7, 2011 (the "Assignment Agreement") with Cancen Oil Processors Inc. ("Cancen Processors"), as well as an asset purchase agreement (the "Asset Purchase Agreement") with Duniece Bros Trucking Ltd. ("Duniece") of Athabasca, Alberta.

Pursuant to the Assignment Agreement, the Corporation has been assigned the rights to purchase assets from Duniece, in exchange for reimbursement of expenses of Cancen Processors estimated to be $50,000, as well as an assignment fee of $20,000 (the "Assignment Fee"). The Assignment Fee will be payable by the issuance of 11,363 common shares in the capital of the Corporation at a price of $1.76 per share, subject to regulatory approval.

Under the Asset Purchase Agreement, the Corporation has agreed to purchase assets consisting of a disposal well and related equipment and buildings for the operation of the well located near Athabasca, Alberta for a purchase price of $200,000.

The completion of the transaction contemplated by the Assignment Agreement and the Asset Purchase Agreement is subject to receipt of all necessary regulatory approval, including TSX Venture Exchange.

Disclaimer for Forward-Looking Information

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 closing of the Qualifying Transaction. 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 the Corporation'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.

The securities of the Corporation have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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

  • Cancen Oil Canada Inc.
    11464 – 149 Street, NW
    Edmonton, AB, T5M 1W7

    Cancen Oil Canada Inc.
    Frederick LaHaie
    President and Chief Executive Officer
    (780) 452-7205
    (780) 451-1200 (FAX)

    Buchalter Consulting
    Stan Buchalter
    Investor Relations
    1 866 631 6537 or 1 905 631 6537