Canada Energy Partners Inc. Announces Board Changes, Private Placement and Grant of Stock Options
July 24, 2013 — Vancouver, BC (Source: Marketwired) — NOT FOR DISSEMINATION IN THE UNITED STATES OR ON U.S. NEWS WIRES
Canada Energy Partners Inc. (“Canada Energy” or the “Company”) (TSX VENTURE:CE) is pleased to announce the appointment of two new directors, Mr. Nick Orlando and Mr. Jonathan Bahnuik. Mr. Orlando is the CEO of Martinrea International Inc., a $1 billion market cap, automobile parts manufacturer which is listed on the TSX (MRE). Mr. Orlando brings a wealth of financial and business experience to the Company and has been a significant shareholder in the Company since 2008. Mr. Bahnuik is a partner in the Calgary law firm Merani Reimer LLP. Mr. Bahnuik has approximately 10 years’ experience in oil and gas law. Mr. Bahnuik has represented the Company since 2006 and has an intimate knowledge of the Company’s assets and history.
Concurrent with these appointments, Messrs. Bolin and Howard have stepped down from the board of directors to focus on other opportunities. The Company is greatly appreciative of the services of Mr. Bolin and Mr. Howard to the Company’s efforts. Mr. Howard was a founding board member and Mr. Bolin has been a director since 2007. The Company wishes them well in all their endeavors.
The Company also wishes to announce a non-brokered private placement to raise up to $500,000 by the issuance of up to 5,000,000 common shares at a price of $0.10 per share. The proceeds of the private placement will be used for general working capital purposes. Insiders of the Company may participate in this private placement.
The Company has granted stock options to purchase an aggregate of 1,630,000 shares to directors and an officer of the Company at an exercise price of $0.10 per common share until July 23, 2018. In addition, the Company has cancelled an aggregate of 2,544,000 stock options previously issued to directors, officers, employees and a consultant of the Company. The Company has also granted stock options to purchase 885,000 shares to directors, employees and consultants of the Company at an exercise price of $0.10 per common share until July 23, 2018. Another 1,501,000 share options will be cancelled on October 20th, after which the total number of options issued and outstanding will have been reduced by 22%. There were no changes to options held by the Company’s Chief Executive Officer.
The Company is an oil and gas exploration firm with a concentrated land position on two natural gas resource plays in British Columbia, the Montney Shale and the Gething coalbed methane plays.
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On behalf of the Board of Directors of Canada Energy Partners Inc.
John Proust, Chairman
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Forward Looking Statements: This press release contains forward looking statements relating to expected or anticipated future events and operations, number of wells to be drilled, timing of projects and anticipated results that are forward looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the companies’ capability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. There is no representation by the companies that actual results achieved during the forecast period will be the same in whole or in part as that forecast.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>