Calgary, Alberta, Jul 04 - (Market Wire) - Canadian Energy Exploration Inc. (the "Corporation") (TSX VENTURE:XPL) is pleased to announce that it has closed an additional and final tranche of its previously announced equity financing (see Canadian Energy's press releases dated May 20, 2011 and June 15, 2011) and has issued an additional 2,742,504 units of the Corporation ("Units") at a subscription price of
.09 per Unit for aggregate gross proceeds of Cdn $246,825.36.
Each Unit consists of one common share in the capital of the Corporation (a "Common Share") and one half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a purchase price of
.15 per share until December 15, 2012. As a result of the two closing, the Corporation has issued an aggregate of 23,675,504 Units and 39,970,000 flow-through shares for aggregate gross proceeds of $6,127,795.30.
Casimir Capital Ltd. (the "Agent") acted as agent and was paid a cash commission and was granted additional warrants ("Agent's Warrants") to purchase 191,975 Common Shares at a subscription price of
.09 per share, such Agent's Warrants being exercisable until December 15, 2012.
All securities issued on June 30, 2011 are subject to a four month hold period under applicable laws until October 31, 2011.
About Canadian Energy Exploration Inc.
Canadian Energy is an oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in Western Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "XPL".
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Canadian Energy in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person absent registration or an applicable exemption from the registration requirements of such Act or laws.