Vanoil Closes Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/31/12 -- Vanoil
Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company") has closed
its non-brokered private placement (the "NB Offering"), announced on
December 11 2012, issuing 7,450,549 units (the "NB Units") of the
Company at a price of $0.60 per NB Unit for total gross proceeds of
$4,470,329. Each NB Unit consists of one common share of the Company
(a "Share") and one whole non-transferable share purchase warrant (a
"Warrant"). Each Warrant will entitle the holder to purchase one
Share at a price of $1.00 for a period of 24 months following
closing. The Warrant will be subject to accelerated expiry if, at any
time after the date that is four months and one day of the closing,
the Company's Shares trade on the TSX Venture Exchange (the
"Exchange") at a price of $1.50 or more for the preceding 20
consecutive trading days.
No finder fees were paid in connection with the private placement.
The securities issued pursuant to the NB Offering will be subject to
a four month hold period expiring May 1, 2013.
About Vanoil Energy Ltd.
Based in Vancouver, Canada, Vanoil is an internationally diversified
resource company that has a portfolio of oil and gas assets in the
African countries of Kenya and Rwanda. In Kenya, Blocks 3A and 3B
were acquired in October 2007 through the signing of a Production
Sharing Contract with the Government of the Republic of Kenya. Blocks
3A and 3B, which cover 24,912 square kilometers, potentially contain
prospective resources in excess of 900 million boe, positioned
between Tullow's recent oil discovery and Apache's offshore gas well.
Vanoil's 1,631 square kilometers of oil and gas exclusive licence in
the East Kivu Graben in Rwanda is at the southern extension of the
Albertine Graben where Heritage and Tullow Oil made their historic
discovery in neighbouring Uganda.
On behalf of the Board of VANOIL ENERGY LTD.
Aaron D'Este, President and CEO
To find out more about Vanoil please visit our website at
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Vanoil Energy Ltd.
President and CEO
+44 790 996 8055
Press spacebar to pause and continue. Press esc to stop.