Canoel International Energy Ltd.
TSX VENTURE : CIL

Canoel International Energy Ltd.

April 04, 2011 02:50 ET

Canoel Performs Swap of Debt for Equities

CALGARY, ALBERTA--(Marketwire - April 4, 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 entered into an agreement with the holders of CA$192,000 aggregate payable amount of convertible debentures to settle the debt for an aggregate of 1,600,000 Common Shares in the Capital of Canoel at a deemed price of CA$0.12 per share and share purchase warrants entitling the holder to purchase up to an aggregate of 800,000 Common Shares in the capital of Canoel at a price of CA$0.17 per share for a period of one year from the date of issue.

The settlement of the debt, and the issuance of the Common Shares and share purchase warrants 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
    or
    Canoel International Energy Ltd.
    Andrea Cattaneo
    CEO & President
    (403) 938 8154
    info@canoelenergy.com