Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

February 06, 2012 08:19 ET

Canoel Announces Issuance of Shares to Reduce Debt

CALGARY, ALBERTA--(Marketwire - Feb. 6, 2012) -

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) wishes to announce that it has entered into agreements with the holders of 1,200,000 Norwegian Kroners (approximately CDN$205,887.90) aggregate payable amount of convertible debentures to settle the debt for an aggregate of 4,117,758 Common Shares in the Capital of Canoel at a deemed price of CND$0.05 per share.

The settlement of the debt, and the issuance of the Common Shares to settle the aforementioned debts is subject to the approval of the TSX Venture Exchange.

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) 938-8154
    (403) 775-4474 (FAX)
    info@canoelenergy.com

    Canoel International Energy Ltd.
    Andrea Cattaneo
    CEO & President
    (403) 938-8154
    (403) 775-4474 (FAX)
    info@canoelenergy.com