Canoel International Energy Ltd.

Canoel International Energy Ltd.

September 03, 2010 07:12 ET

Canoel Announces Completion of Private Placements of Units

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, an aggregate of 472,917 units ("Units") at a price of $0.12 per Unit for aggregate gross proceeds of $56,750. 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.

The Company paid a finder who assisted the Company in sourcing some of the subscriptions for the offering, commissions in the amount of $1,584 and issued broker warrants entitling the holder thereof to purchase up to 16,500 common shares of the Company for a period of one year.

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
    Canoel International Energy Ltd.
    Jose Ramon Lopez-Portillo
    (403) 262-9596