Canoel Closes Second Tranche of Private Placement
13 5월 2014 - 10:11PM
Access Wire
Calgary, Alberta / ACCESSWIRE / May 13, 2014 / Canoel
International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:
CIL) is pleased to announce, subject to regulatory approval, the
completion of the second tranche of a non-brokered private
placement of units ("Units"). Canoel issued an aggregate of
1,333,333 Units in this second tranche at a price of $0.15 per Unit
for gross proceeds of approximately $199,999.95.
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 36 months
from the date of issuance of the common share purchase warrant.
In connection with this second tranche of the private placement,
the Company will pay aggregate finder's fees of $12,000 and grant
an aggregate of 80,000 common share purchase warrants to finders
(the "Finder's Warrants"). Each Finder's Warrant entitles the
holder to acquire one common share at an exercise price of $0.25
for a period of 36 months from issuance.
In addition to any resale restrictions under applicable
securities legislation, all securities issued under the private
placement will be subject to a four month hold period.
Andrea Cattaneo, the President and CEO of the Company purchased
333,333 Units in this tranche of the private placement. Following
his acquisition of 333,333 Units, Andrea Cattaneo will hold
1,418,477 common shares of the Company, representing approximately
9% of the issued and outstanding shares of the Company, (ii)
849,999 common share purchase warrants; and (iii) 107,723 stock
options exercisable for common shares. Assuming the exercise of the
warrants and stock options in full, Mr. Cattaneo would beneficially
own or control an aggregate of 2,376,199 common shares of the
Company, representing approximately 12% of the issued and
outstanding common shares of the Company on a fully diluted
basis.
Andrea Cattaneo relied on Section 2.3 of National Instrument
45-106 - Prospectus and Registration Exemptions as he meets the
definition of "accredited investor" under securities legislation.
Mr. Cattaneo is investing in the Company in the ordinary course of
business and may, in the future, make additional investments in or
dispositions of the Company's securities.
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 the 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 approvals. 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
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.
SOURCE: Canoel International Energy Ltd.
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