Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

September 23, 2011 13:59 ET

Canoel Announces the Closing of the First Tranche of a Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Sept. 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 the first tranche of its previously announced private placement of units ("Units") at a price of $0.10 per Unit, for aggregate proceeds of $110,000, as previously announced in the Company's press release dated September 20, 2011. Each Unit consists of one common share in the capital of Canoel (a "Common Share") and one Common Share purchase warrant (a "Warrant"), each Warrant entitles the holder thereof to purchase, subject to adjustment, one additional Common Share (the "Warrant Share") at an exercise price of $0.15 per Warrant Share at any time on or before the date that is 24 months from the date of issuance of the Warrant.

The proceeds from the proposed offering will be used to finance Canoel's acquisitions campaign and to augment its unallocated working capital.

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