CALGARY, ALBERTA--(Marketwire - Jan. 11, 2012) -
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Canoel International Energy Ltd. ("Canoel" or the "Company") (TSX VENTURE:CIL) is pleased to announce it has closed a private placement of convertible notes (the "Notes") for a an aggregate gross proceeds of 1,080,000 Swiss Francs (approximately CDN$1,161,756). Each Note bears interest at a simple (uncompounded) rate of 9% per annum, payable in arrears in equal quarterly installments commencing 90 days after the Notes are issued. At the option of the holder of the Notes, the principal of a Note may be converted into common shares of Canoel at a price of CDN$0.15 per share at any time prior to maturity.
The proceeds from the proposed offering will be used to finance Canoel's acquisitions campaign 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.