Canada Energy says C$25 million private placement of stock will include flow-through shares

By Devika Patel

Knoxville, Tenn., May 13 - Canada Energy Partners Inc. announced that its proposed private placement of stock, which was announced April 23, will now include up to C$5 million in flow-through shares.

The company said previously it had entered into an agreement with agent GMP Securities LP to raise between C$15 million and C$25 million in a private placement of stock.

The company plans to sell common shares at a price to be determined in the context of the market, but not less than C$1.18.

The company may pay a 6% agent's fee in cash.

Proceeds will be used to address the capital needs for Montney exploration in northeast British Columbia, commencement of commercial production from the Peace River CBM project, additional exploration for conventional and unconventional gas resources and for general working capital.

Based in Vancouver, B.C., Canada Energy Partners is an oil and gas company specializing in natural gas primarily from coal bed methane.

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