Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

July 23, 2011 15:04 ET

Canoel Announces the Closing of a Private Placement of Convertible Notes

CALGARY, ALBERTA--(Marketwire - July 23, 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 the completion of its previously announced private placement of convertible notes (the "Notes") for a an aggregate gross proceeds of NOK 1,200,000 (approximately CDN$208,800). Each Note bears interest at a simple (uncompounded) rate of 12% per annum, payable in arrears in equal quarterly installments commencing 90 days after the Notes are issued. At the option of the holder of the Notes, the principal and any unpaid interest of a Note may be converted into common shares of Canoel at a price of CDN$0.15 per share at any time prior to maturity.

The proceeds from the proposed offering will be used to finance Canoel's acquisitions campaign and to augment its unallocated working capital. This transaction is subject to the submission of final documentation and final 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)

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