Canoel Announces Closing of Private Placement of Common Shares
February 12 2014 - 8:00AM
Access Wire
February 12, 2014- 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
400,000 common shares ("Common Shares") at a price of $0.25 per
share to Tonsenhagen Forretningssentrum AS, a related party of Erik
Larre who is a director of the Company.
The issuance of Common Shares to
Tonsenhagen Forretningssentrum AS pursuant to the private placement
is considered to be a related party transaction subject to TSX
Venture Exchange Policy 5.9 and Multilateral Instrument 61-101.
Canoel is relying on the exemptions from the formal valuation and
minority shareholder approval requirements provided under sections
5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis
that participation in the private placement by Tonsenhagen
Forretningssentrum AS did not exceed 25% of the fair market value
of the Company's market capitalization.
Unless permitted under securities
legislation, the 400,000 Common Shares issued must not trade before
June 12, 2014.
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.
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.
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