CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Further to its news release dated April 26, 2018,
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to announce that it has
completed its previously announced offering of U.S. $320 million aggregate principal amount of 7.25% senior unsecured notes due
2025 (the “Notes”). Canacol intends to use the net proceeds from the offering to repay all outstanding amounts borrowed under
its credit facility.
The Notes have been offered and sold only to qualified institutional buyers in the United States pursuant to
Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), to non-U.S. persons in transactions outside the
United States pursuant to Regulation S under the Securities Act and pursuant to certain prospectus exemptions in Canada. The
Notes have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered
or sold in the United States absent registration or an applicable exemption from registration requirements. This press
release is neither an offer to sell nor a solicitation of an offer to buy the Notes, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or jurisdiction.
About Canacol
Canacol is an exploration and production company with operations focused in Colombia. The Corporation's
common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under
ticker symbol CNE, CNNEF, and CNE.C, respectively.
Certain statements in this news release are "forward-looking statements", which reflect current expectations
of the management of Canacol regarding future events or Canacol's future performance. All statements other than statements of
historical fact contained in this news release may be forward-looking statements. In particular, forward-looking information and
statements herein include, but are not limited to, the use of the net proceeds from the offering. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from
those anticipated in the forward-looking statements. Canacol believes that the expectations reflected in such forward-looking
statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements are made as of the date of this news release and Canacol assumes no obligation
to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law.
Further information regarding risks and uncertainties relating to Canacol and its securities can be found in the disclosure
documents filed by Canacol with the securities regulatory authorities, available at www.sedar.com.
For further information please contact:
Investor Relations
214-235-4798
Email: IR@canacolenergy.com
Website: canacolenergy.com
