Solimar and Canacol Announce Investment
May 13 2014 - 7:14PM
Marketwired
Solimar and Canacol Announce Investment
CALGARY, ALBERTA--(Marketwired - May 13, 2014) - Solimar Energy
Limited ("Solimar" or the "Company") (TSX-VENTURE:SXS)(ASX:SXS) and
Canacol Energy Ltd. (the "Subscriber") are pleased to announce
that, further to Solimar's press release date May 9, 2014, the
Subscriber has purchased 3,538,462 units of Solimar at a price of
$0.065 per unit (the "Offering") for aggregate consideration of
$230,000. Pursuant to the Offering, the Subscriber now holds an
additional 3,538,462 common shares in the capital of Solimar
("Shares") and 1,769,231 warrants.
Immediately following the Offering, the Subscriber had
beneficial ownership of, and control and direction over, an
aggregate of 9,054,516 Shares, or approximately 13.81% of the
Shares outstanding. The Subscriber also had beneficial ownership of
4,925,285 warrants of Solimar. If such warrants are exercised,
Canacol would have beneficial ownership of, and control and
direction over, 13,979,801 Shares, or approximately 19.84% of the
Shares outstanding.
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.
Reader Advisory: Forward-looking statements
This news release contains forward-looking information relating
to the private placement, planned development and exploration
activities on the properties in which the Company has interests,
and other statements that are not historical facts. Such
forward-looking information is subject to important risks,
uncertainties and assumptions. The results or events predicated in
this forward-looking information may differ materially from actual
results or events. As a result, you are cautioned not to place
undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and
assumptions. While the Company considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect.
Forward looking-information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks associated with the private placement, risks
associated with instability of the economic environments in which
the Company operates or owns interests, oil and gas exploration,
development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other producers, inability to
retain drilling rigs and other services, incorrect assessment of
the value of acquisitions, failure to realize the anticipated
benefits of acquisitions, delays resulting from or inability to
obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, reliance on
key personnel, regulatory risks and delays, including risks
relating to the acquisition of necessary licenses and permits,
environmental risks and insurance risks.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
ABN 42 112 256 649
Solimar Energy LimitedJason BednarDirector+1 805 643 4100 or
(03) 9347 2409www.solimarenergy.com.au