CALGARY, ALBERTA–(Marketwired – June 4, 2013) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Cancen Oil Canada Inc. (TSX VENTURE:COI) (“Cancen” or the “Company”) a provider of specialized services to the energy sector, is pleased to announce that it has appointed Marvin Jones Chairman of the board of directors (the “Chairman”) of the Company (the “Board”). Mr. Jones has been a director of Cancen since October 2011 and has served as the Chairman of the audit committee since that time.
Also, Shankar Nandiwada, the Chief Financial Officer and Corporate Secretary of the Company, has subscribed for 200,000 units (“Units”) of the Company at a price of $0.38 per Unit for total proceeds to the Company of $76,000 (the “Private Placement”). Each Unit is comprised of one (1) common share in the capital of the Company (“Common Share”) and one (1) share purchase warrant (“Warrant”) of the Company. Each Warrant entitles the holder thereof to acquire one additional Common Share at a price of $0.50 for a period of five (5) years from closing. The Units will be subject to resale restrictions imposed by applicable securities laws and the policies of the TSX Venture Exchange Inc. (the “Exchange”).
The net proceeds of the Private Placement will be used for working capital and general corporate purposes. Completion of the Private Placement is subject to the approval of the Exchange.
Further, the Board has approved the grant of 450,000 stock options (the “Options”) to Mr. Shankar Nandiwada, CFO, 450,000 Options to Marvin Jones, Chairman and 200,000 Options to Tom Bugg, independent Director, in accordance with the terms of the Company’s incentive stock option plan, subject to the approval of the Exchange. The Options were issued with an exercise price of $0.50 per Common Share and have a five (5) year term.
Cancen provides specialized services to the energy sector, specifically to companies involved in the exploration, extraction and production of oil and natural gas in Western Canada. Cancen develops and constructs facilities in proximity to its customers to provide treatment of crude oil emulsion, terminalling, storage and marketing of oil and disposal of production water.
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the securities issued pursuant to the Private Placement. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on Cancen’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.