CALGARY, ALBERTA--(Marketwired - May 13, 2014) - Solimar Energy Limited ("Solimar" or the "Company") (TSX VENTURE:SXS)(ASX:SXS) and Canacol Energy Ltd. (the "Subscriber") are pleased to announce that, further to Solimar's press release date May 9, 2014, the Subscriber has purchased 3,538,462 units of Solimar at a price of $0.065 per unit (the "Offering") for aggregate consideration of $230,000. Pursuant to the Offering, the Subscriber now holds an additional 3,538,462 common shares in the capital of Solimar ("Shares") and 1,769,231 warrants.
Immediately following the Offering, the Subscriber had beneficial ownership of, and control and direction over, an aggregate of 9,054,516 Shares, or approximately 13.81% of the Shares outstanding. The Subscriber also had beneficial ownership of 4,925,285 warrants of Solimar. If such warrants are exercised, Canacol would have beneficial ownership of, and control and direction over, 13,979,801 Shares, or approximately 19.84% of the Shares outstanding.
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.
Reader Advisory: Forward-looking statements
This news release contains forward-looking information relating to the private placement, planned development and exploration activities on the properties in which the Company has interests, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with the private placement, risks associated with instability of the economic environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
ABN 42 112 256 649