Calgary, AB / March 7, 2014 / Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE: CIL) is pleased to announce that further to its news release of January 24, 2014, it has closed its securities exchange with Global Resources Investment Trust plc ("GRIT").
The Company issued 1,600,000 common shares at $0.25 per share to GRIT, in exchange for 222,000 ordinary shares of GRIT (the "GRIT Shares"), at the deemed price of ?1.00 per GRIT Share. The shares issued to GRIT constitute approximately 14.22% of the issued and outstanding shares of the Company, which are 11,252,039. The securities issued to GRIT are subject to resale restrictions expiring July 8, 2014.
The Company will now seek to sell the GRIT Shares through the facilities of the London Stock Exchange. During the first six months, all sales of GRIT Shares will be arranged by GRIT. While the Company will seek to maximize the proceeds it receives from the sale of its GRIT Shares, there is no assurance as to the timing of disposition or the amount that will be realized. Funds realized from the sale of the GRIT Shares will be used by the Company for general corporate purposes.
Neither the 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
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.
Release ID: 35387