Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

October 07, 2011 16:30 ET

Canoel Announces Amendment to Previous Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - Oct. 7, 2011) -

THIS PRESS RELEASE IS NOT TO BE DISTRIBUTED TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) has amended the terms of previously granted stock options, which were previously announced in a March 4, 2011 press release of Canoel.

In March 2011, an aggregate of 900,000 stock options were granted to the six directors of the Corporation, effective March 3, 2011. Each option originally entitled the holder thereof to purchase one common share in the capital of the Corporation at a price of $0.09 per share. As the exercise price was not compliant with TSX Venture Exchange Policies, the exercise price has now been amended to an exercise price of $0.10 per share. The stock options expire on or before the fifth anniversary of the original date of issue.

Since the original grant of stock options, one of the six directors who received a grant of stock options has resigned from his position and the 100,000 options granted to this director have expired unexercised. Therefore, as of the date of this press release, an aggregate of 800,000 stock options remain outstanding from the original grant.

Neither 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

  • Canoel International Energy Ltd.
    Jose Ramon Lopez Portillo
    Chairman of the Board
    (403) 829-1160
    (403) 775-4474 (FAX)

    Canoel International Energy Ltd.
    Andrea Cattaneo
    CEO & President
    (403) 829-1160
    (403) 775-4474 (FAX)
    info@canoelenergy.com