Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

February 03, 2010 21:09 ET

Canoel Announces Completion of Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 3, 2010) -

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) 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 3,545,000 units ("Units") at a price of $0.17 per Unit for aggregate gross proceeds of $602,650. Each Unit consists of one common share in the capital of Canoel, one-half of one common share purchase warrant ("Year 1 Warrant") and one-half of one common share purchase warrant ("Year 2 Warrant"). Each whole Year 1 Warrant will entitle the holder to purchase one additional common share of Canoel at $0.30 for a period of one year from the date of the first sale of Units under the Offering and each whole 2 Year Warrant will entitle the holder to purchase one additional common share of Canoel at $0.40 for a period of two years from the date of the first sale of Units under the Offering, 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 $0.40, in the case of Year 1 Warrants, and $0.50 in the case of Year 2 Warrants for 15 consecutive trading days.

The Company paid to those who assisted the Company in sourcing subscriptions for the offering commissions of an aggregate of 354,500 common shares in the capital of Canoel at a deemed price of $0.17, for a total deemed value of $60,265.

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
    or
    Canoel International Energy Ltd.
    Jose' Ramon Lopez-Portillo
    Chairman
    (403) 262-9596
    info@canoelenergy.com