Cancen Oil Canada takes in C$3 million via placement of shares, units

Proceeds to be used for working capital and general corporate purposes

By Devika Patel

Knoxville, Tenn., Jan. 23 - Cancen Oil Canada Inc. said it raised C$491,812 in the second and final tranche of a C$3 million non-brokered private placement of units and stock. The deal raised C$2.51 million on Dec. 28.

The company sold 3,636,393 common shares at C$0.38 per share and 2,965,366 units of one common share and one warrant at C$0.38 per unit in the first tranche and 1,294,241 shares in the second tranche.

Each whole warrant is exercisable at C$0.50 for five years. The strike price is a 2.04% premium to C$0.49, the Dec. 27 closing share price.

Proceeds will be used for working capital and general corporate purposes.

Edmonton, Alta.-based Cancen provides specialized energy services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin.

Issuer:	Cancen Oil Canada Inc.
Issue:	Common shares, units of one common share and one warrant
Amount:	C$3,000,480
Agent:	Non-brokered
Settlement date:	Dec. 28 (for C$2,508,668), Jan. 23 (for C$491,812)
Stock symbol:	TSX Venture: COI
Stock price:	C$0.49 at close Dec. 27
Market capitalization:	C$17.79 million
Units
Amount:	C$1,126,839
Units:	2,965,366
Price:	C$0.38
Warrants:	One per unit
Warrant expiration:	Five years
Warrant strike price:	C$0.50
Stock
Amount:	C$1,873,641
Shares:	4,930,634
Price:	C$0.38
Warrants:	No

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