Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

September 03, 2010 07:12 ET

Canoel Announces Completion of Private Placements of Promissory Notes and Warrants

CALGARY, ALBERTA--(Marketwire - Sept. 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 private placements under prospectus and registration exemptions, promissory notes ("Notes") having an aggregate principal amount of $75,000 and common share purchase warrants ("Warrants") entitling the holders thereof to purchase up to an aggregate of 75,000 common shares of Canoel at a price of $0.50 per share for a period of four years from the date of issue.

The Notes bear simple (non-compounded) interest at a rate of 15% per annum, payable in arrears in equal quarterly instalments commencing September 30, 2010. Principal on the Notes shall be repayable in 12 equal, quarterly instalments commencing December 2011. All or any portion of the principal sum may be repaid by Canoel upon provision of one-month's written notice, at any time after September 2, 2011, without bonus or penalty. 

The Company paid finders who assisted the Company in sourcing some of the subscriptions for the offering, commissions in the amount of $6,000.

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