Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

September 14, 2011 16:32 ET

Canoel Announces Issuance of Shares to Reduce Debt

CALGARY, ALBERTA--(Marketwire - Sept. 14, 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) is pleased to announce that it has received approval from the TSX Venture Exchange ("TSXV") to issue common shares and warrants to a certain holder of the Company's convertible debentures as previously announced in the Company's press release dated May 31, 2011.

Following receipt of TSXV approval, the Company has issued an aggregate of 416,666 common shares in the capital of the Company at a deemed price of $0.12 per share and share purchase warrants entitling the holder to purchase up to an aggregate of 800,000 common shares of the Company at a price of $0.17 per share for a period of one year from the date of issue. Issuance of these securities enabled Canoel to extinguish CA$50,000 of its debt.

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