COI Ceiba Energy Services, Inc.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Cancen Oil Canada Inc.("Cancen" or the "Corporation") (TSX VENTURE:COI) is
pleased to provide an update on its financing previously announced in a press
release dated July 4, 2012 regarding a mezzanine credit facility and the
issuance of convertible debentures ("Convertible Debentures"), as well as units
of the Corporation (the "Units") comprised of common shares and purchase
warrants (the "Private Placement"). 


The Corporation has revised the terms of its proposed private placement of 12.0%
convertible debentures led by Stonecap Securities Inc. and including Wolverton
Securities Ltd. Pursuant to the amended offering, Macquarie Private Wealth Inc.
has agreed to participate as a special selling group for the issuance of
convertible secured subordinated debentures (the "Secured Subordinated
Debentures"). The Secured Subordinated Debentures will have a face value of
$1,000 per Secured Debenture, a maturity date of July 31, 2016, and be
convertible into common shares of the Corporation at the option of the holder at
a conversion price, subject to certain adjustments, of $1.00 per common share
(the "Conversion Price") being a conversion rate of 1,000 Cancen common shares
for each $1,000 principal amount of Secured Subordinated Debentures. The Secured
Subordinated Debentures will accrue interest at a rate of 12.0% per annum
payable semi-annually in arrears on January 31 and July 31 in each year
commencing January 31, 2013. The January 31, 2013 interest payment will
represent accrued interest for the period from the closing date. After July 31,
2015 and prior to the maturity date, the Corporation may, at its option, subject
to providing not more than 60 and not less than 30 days prior notice, redeem the
Secured Subordinated Debentures, in whole or in part, at par plus accrued and
unpaid interest provided that the volume weighted average trading price of the
common shares of the Corporation on the TSX Venture Exchange ("TSXVenture")
during the 20 consecutive trading days ending five trading days preceding the
date on which the notice of redemption is given is not less than 125% of the
Conversion Price. 


Subject to specified conditions, the holders of the Secured Subordinated
Debentures may elect, subject to regulatory approval, to have the Corporation
repay the outstanding principal amount of the Secured Subordinated Debentures,
on maturity or redemption, through the issuance of common shares of the
Corporation. Cancen also has the option to satisfy its obligation to pay
interest through the issuance and sale of common shares of the Corporation. 


The Private Placement will be made to eligible subscribers in all provinces of
Canada in reliance upon certain exemptions from the prospectus and registration
requirements under applicable Canadian securities law. Initial closing of the
private placement is scheduled to occur on or about July 31, 2012, and is
subject to certain conditions including, but not limited to, the Secured
Subordinated Debentures and the Units being subject to a four month hold period
from the closing date of the Private Placement, the receipt of all necessary
approvals, including the approval of the TSXVenture and the securities
regulatory authorities. 


The Secured Subordinated Debentures and Units have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or applicable exemption
from the registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.


About Cancen 

Cancen is an energy services company that focuses on providing specialized
services to upstream oil and natural gas companies operating in the Western
Canadian Sedimentary Basin. The services provided by Cancen assist these
companies with the treatment and sale of crude oil and the handling of
by-products associated with oil and natural gas development and production. The
services provided by Cancen include crude oil emulsion treatment, oilfield waste
processing, and disposal of produced and waste water. As at the date hereof, the
Corporation's services are provided at five facilities in Alberta and one
facility in British Columbia.


Reader Advisory 

This press release contains forward-looking statements and information that are
based on the beliefs of management and reflect the Corporation'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 completion of the Private Placement. Such statements
and information reflect the current view of the Corporation 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 Corporation 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 Corporation 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 Corporation 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.

Ceiba Energy Services, Inc. (TSXV:COI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Ceiba Energy Services, Inc. (TSXV:COI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024