Vanoil Completes Rights Offering for CDN $5,355,814
09 Fevereiro 2010 - 9:03PM
Marketwired
Vanoil Energy Ltd. (TSX VENTURE: VEL) ("Vanoil" or the "Company")
is pleased to announce that it has completed its previously
announced Rights Offering, issuing 8,032,184 common shares pursuant
to the exercise of basic and additional subscription rights for
gross proceeds of $4,016,092. Vanoil is currently in the process of
arranging, pursuant to its standby purchase agreement with Firebird
Global Master Fund, Ltd. and Firebird Global Master Fund II, Ltd.,
for the payment and issuance of the remaining 2,679,444 common
shares underlying unexercised rights, for which it will receive the
balance of the $1,339,722 in gross proceeds. Total proceeds to
Vanoil will be $5,355,814.00.
After completion of the Rights Offering (and including the
shares to be issued pursuant to the standby agreement). The capital
structure of Vanoil as of the closing of the rights offering will
be 21,423,256 common shares issued and outstanding. The company was
listed on the TSX Venture Exchange on December 31, 2009.
Vanoil and its Board of Directors are also very pleased to
announce that Mr. Bob Chenery P Eng, MBA will be joining Vanoil as
a consultant. Mr. Chenery has a vast amount of experience in both
North America and the international oil and gas business. Mr.
Chenery will be responsible for advising the President and will be
managing the Sarcee project in Alberta. Currently, the company is
making development and exploration plans for the Sarcee project for
which a more detailed announcement will be made in the very near
future.
The Directors and Officers of the Company are as follows;
Dal Brynelsen Director, President and CEO
James Passin Director
Mike Mackey Director
Don Padgett Director
Francis Karanja Director and VP of Exploration Africa
Sandy Huntingford CFO
Betty Anne Loy Corporate Secretary
The Company is planning to use the proceeds of the rights
offering for working capital and to advance its Eastern Kenya
projects mainly Blocks 3A and 3B as the area is very active with
major oil companies. (CNOOC) China National Offshore Oil Company,
Africa Oil and the Taiwanese Oil Company are actively drilling a
$26 million dollar well approximately 60 kilometres from Vanoil's
concession.
Dal Brynelsen, President and CEO, commented, "We are very
pleased to see the success of the rights offering and look forward
to the advancement of our projects for 2010 in Alberta, Eastern
Kenya and Rwanda."
On Behalf of the Board of VANOIL ENERGY LTD.
Dal Brynelsen, President and CEO
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at
the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future
events or results and are believed to be reasonable based on
information currently available to the Company.
Forward-looking statements and information are based on
assumptions that financing and personnel will be available when
required and on reasonable terms, and all necessary regulatory
approvals and shareholder approval will be obtained, none of which
are assured and are subject to a number of other risks and
uncertainties.
There can be no assurance that forward-looking statements will
prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on forward-looking information.
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.
Contacts: Vanoil Energy Ltd. Dal Brynelsen 604-684-1974
604-685-5970 (FAX) brynelsen@vanoil.ca www.vanoil.ca
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