VANCOUVER, BC, July 5, 2022 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Company") announces a non-brokered private placement to raise gross proceeds of up to $400,000 through the issuance of units consisting of common shares and warrants. With the termination of both Letters of Intent in Gabon, West Africa, the Company will now focus on seeking oil and gas opportunities in Texas. The Company anticipates that its shares will resume trading on Friday, July 8, 2022 and the pricing of the units will be based on market pricing in accordance with the policies of the TSX Venture Exchange (the "Exchange"). A further press release will be issued in due course announcing the pricing of the units.
The Company's last shareholders meeting was held on July 21, 2020. Upon closing of the proposed private placement of units, the Company will commence the process to call a shareholders meeting and anticipates that the meeting will be held in approximately mid-September 2022.
The Company also announces that it today issued 300,000 compensation warrants to Emerging Equities Inc. ("Emerging") for corporate advisory services. The compensation warrants are exercisable at $0.16 and expire on October 4, 2024. Emerging will provide the corporate advisory services to the Company until June 30, 2024. The Company paid Emerging a one-time cash fee of $50,000 in 2021 for the corporate advisory services.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, including, without limitation, estimated revenues. Forward-looking statements in this press release include statements about the anticipated filing deadline for the Annual Filings. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, the failure to file the Annual Filings by the anticipated date. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.
SOURCE Canada Energy Partners Inc.
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