Ceiba Energy Services Announces Extension of Closing of Private Placement of Convertible Debentures

CALGARY, ALBERTA--(Marketwired - July 20, 2016) - Ceiba Energy Services Inc. ("Ceiba" or the "Company") (TSX VENTURE:CEB) announced on June 6, 2016 its intention to complete a non-brokered private placement (the "Private Placement") of unsecured convertible debentures (the "Debentures") for gross proceeds of up to $5,000,000. The Company has today received an extension from the TSX Venture Exchange to extend the closing of the Private Placement until August 22, 2016. Ceiba is currently collecting subscription agreements from a number of parties and expects to close the Private Placement on or before August 22, 2016. As well, certain holders of the Company's existing 12% convertible debentures due July 31, 2016 have expressed an interest to reinvest a portion of the principal that will be repaid on July 31, 2016 into the Debentures.

Reader Advisory

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The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, or a solicitation of an offer to buy, securities in the United States.

Forward-looking statements

Certain information regarding Ceiba in this news release, including statements pertaining to the closing of the Private Placement and the investment by holders of the Company's existing debentures, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with its ability to raise capital and complete the Private Placement, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Ceiba's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward‐looking statements or information contained in this news release are made as of the date hereof and Ceiba does not undertake any obligation to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.