Vanoil Closes First Tranche of Private Placement for $2,270,000
07 Outubro 2011 - 12:43PM
Marketwired
Vanoil Energy ("Vanoil") (TSX VENTURE:VEL) is pleased to announce
that it has closed the first tranche of its non-brokered private
placement announced on September 14, 2011, for gross proceeds of
$2,270,000. The first tranche consisted of 4,540,000 units at a
price of $0.50 per Unit. Each Unit is comprised of one common share
and one-half of a non-transferable warrant, a whole warrant
entitling the holder thereof to purchase an additional common share
of Vanoil at a price of $0.75 until 4:00pm on October 6, 2013. The
warrant will be subject to accelerated expiry if at any time after
the date that is four months and one day after the closing, the
Issuer's common shares trade on the Exchange at a price of $1.00 or
more for the preceding 20 consecutive trading days.
The securities issued pursuant to the first tranche will be
subject to a four month hold period expiring February 7, 2012. The
Company paid $350.00 in finder's fees on the first tranche, and may
pay finder's fees on further tranches subject to Exchange approval.
The closing of further tranches and the payment of further finder's
fees remain subject to final acceptance by the Exchange.
The proceeds from the first tranche will be used to continue the
development of its projects in Kenya and Rwanda and for general
working capital.
About Vanoil Energy
Based in Vancouver, Canada, Vanoil Energy Ltd. is an
internationally diversified Oil and Gas company that has a
comprehensive portfolio of oil and gas assets in the African
countries of Kenya and Rwanda, and in the Province of Alberta,
Canada. In Kenya, Blocks 3A and 3B were acquired in October 2007
through the signing of a Production Sharing Contract with the
Government of the Republic of Kenya. Blocks 3A and 3B, which cover
24,912 square kilometres, are part of the vastly under-explored
Cretaceous Central African Rift Basin System, an area that may
possibly hold the next major sub-Saharan discovery. Vanoil's 1,631
square kilometres of oil and gas exclusive licence in the East Kivu
Graben in Rwanda is at the southern extension of the Albertine
Graben where Heritage and Tullow Oil made their historic discovery
in neighbouring Uganda.
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.cawww.vanoil.ca
Vanoil Energy Ltd. (TSXV:VEL)
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