Cancen Oil Canada Inc.
TSX VENTURE : COI

Cancen Oil Canada Inc.

June 06, 2013 18:57 ET

Cancen Oil Canada Inc. Announces Completion of $5.35 Million Secured Debt Facilities and Closes on $2.6 Million

CALGARY, ALBERTA--(Marketwired - June 6, 2013) -

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Cancen Oil Canada Inc. ("Cancen" or the "Company") (TSX VENTURE:COI) a provider of specialized services to the energy sector, is pleased to announce that it has entered into agreements for a total of $5.35 million of secured debt financing with Quest Capital Management Inc., Sprott Resource Lending Corp. (collectively, the "Lenders") and individual investors ("Investor Lenders') as previously announced. Subject to final TSX Venture Exchange Inc. approval, the Company has closed on $1.5 million from the Lenders and $1.1 million from the Investor Lenders for total gross proceeds to the Company of $2.6 million.

Collectively, these debt financings (the "Debt Financings") provide the capital necessary to fund the estimated capital expenditures and working capital requirements of the Company for the balance of 2013.

About Cancen

Cancen provides specialized services to the energy sector, specifically to companies involved in the exploration, extraction and production of oil and natural gas in Western Canada. Cancen develops and constructs facilities in proximity to its customers to provide treatment of crude oil emulsion, terminalling, storage and marketing of oil and disposal of production water.

Reader Advisory

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company'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 anticipated closing of the Debt Financings. Such statements and information reflect the current view of the Company 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 Company 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 Company 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 Company 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.

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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