VANCOUVER, BC, July 14,
2022 /CNW/ - Canada Energy Partners Inc. (NEX:
CE.H) (the "Company") today announced a non-brokered private
placement to raise gross proceeds of up to $400,000 through the issuance of up to 8,000,000
units at a purchase price of $0.05
per unit. Each unit shall consist of a common share and a
non-transferable share purchase warrant entitling the holder
thereof to acquire an additional common share at an exercise price
of $0.15 for a period of 12 months.
The Company may pay a finder's fee in cash or finders' warrants to
arm's-length finders in amounts to be negotiated, subject to TSX
Venture Exchange (the "Exchange") acceptance and applicable
securities laws. The terms of the private placement of units is
subject to approval of the Exchange.
The Company intends to use the net proceeds of the private
placement for working capital, including due diligence expenses
associated with potential natural gas acquisition opportunities in
South Texas.
All securities to be issued in connection with the private
placement will be subject to a four-month hold period from the
closing date under applicable securities laws in Canada. The securities being offered under the
private placement 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 securities in
the United States.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains forward-looking statements within
the meaning of applicable securities laws. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words or statements that certain events or
conditions "may" or "will" occur, including, without limitation,
estimated revenues. Forward-looking statements in this press
release include statements about the anticipated filing deadline
for the Annual Filings. Forward-looking statements are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. These factors include,
without limitation, the failure to file the Annual Filings by the
anticipated date. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. The
forward-looking statements contained in this press release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, unless
so required by law.
SOURCE Canada Energy Partners Inc.