Canada Energy Partners Inc (CE.H)

[JonnyRBuck12]

Canada Energy sets placement unit price at five cents

2022-07-13 12:35 ET - News Release

Mr. Grant Hall reports

CANADA ENERGY PARTNERS RAISES FUNDS FOR DUE DILLEGENCE IN TEXAS

Canada Energy Partners Inc. has arranged a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of up to eight million units at a purchase price of five cents per unit. Each unit shall consist of a common share and a nontransferable share purchase warrant entitling the holder thereof to acquire an additional common share at an exercise price of 15 cents 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 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.