VANCOUVER, BC – 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.