Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

July 13, 2010 23:41 ET

Canoel Announces Completion of Private Placement of Units

CALGARY, ALBERTA--(Marketwire - July 13, 2010) -  

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Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce that it has issued and sold to subscribers, by way of a private placement under prospectus and registration exemptions, an aggregate of 1,333,000 units ("Units") at a price of $0.12 per Unit for aggregate gross proceeds of $159,960. Each Unit consists of one common share in the capital of Canoel, one-half of one common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of Canoel at $0.20 for a period of one year, subject to early termination if, at any time following four months and one day from the date of the last closing under the Offering, the closing price of the Common Shares on the TSX Venture Exchange exceeds $0.30 for 15 consecutive trading days.

Andrea Cattaneo, President & CEO of the Company said: "This financing, together with recently announced ones, strengthens Canoel's potential ability to complete the acquisition of producing properties in Argentina, as previously announced, which is again a subject of negotiation, or another one of the potential production deals which are under consideration."

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.
    Andrea Cattaneo
    Chief Executive Officer and President
    (403) 262-9596
    info@canoelenergy.com
    or
    Canoel International Energy Ltd.
    Jose Ramon Lopez-Portillo
    Chairman
    (403) 262-9596
    info@canoelenergy.com