Canoel Announces Closing of Private Placement of Units
20 September 2013 - 3:00PM
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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.
FOR IMMEDIATE RELEASE
(TSXV:CIL)
September 20, 2013 - Calgary, Alberta - Canoel
International Energy Ltd. ("Canoel" or the
"Company") (TSX VENTURE: CIL) is pleased to
announce, subject to regulatory approval, the completion of a
non-brokered private placement of units ("Units").
Canoel issued an aggregate of 750,000 Units at a price of $0.20 per
Unit for gross proceeds of approximately $150,000.
Each Unit consists of one common share in the capital of Canoel
and one common share purchase warrant. Each common share purchase
warrant entitles the holder thereof to purchase, subject to
adjustment, one additional common share at an exercise price of
$0.25 per share at any time on or before the date that is 24 months
from the date of issuance of the common share purchase warrant.
Unless permitted under securities legislation, the holders of
these securities must not trade the security before January 20,
2014.
In connection with the private placement, the Company will pay
aggregate finder's fees of $15,000.
The proceeds from this offering will be used to finance the
Company's operations 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.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this news release contains forward looking statements
and information concerning completion of the private placement The
forward-looking statements and information are based on certain key
expectations and assumptions made by Canoel, including the ability
to obtain the required Exchange approval. Although Canoel believes
that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward looking statements and
information because Canoel can give no assurance that they will
prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause the actual results and expectations to differ
materially from the anticipated results or expectations expressed.
These risks and uncertainties, include, but are not limited to,
Canoel being unable to obtain the required Exchange approval.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date hereof,
and to not use such forward-looking information for anything other
than its intended purpose. Canoel undertakes no obligation to
update publicly or revise any forward-looking information, whether
as a result of new information, future events or otherwise, except
as required by law.
For further information, please contact:
Jose Ramon Lopez Portillo Andrea Cattaneo
Chairman of the Board CEO & President
Email: info@canoelenergy.com
Telephone: (403) 938-8154
Telefax: (403) 775-4474
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