Closing of GRIT Share Exchange
March 07 2014 - 7:29PM
Access Wire
Calgary, AB / ACCESSWIRE / 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
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.