Cancoil Integrated Services Inc. Announces Closing of Private Placement.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Nov. 13, 2000 Mr. Arthur E. Dumont, Executive Chairman of the Board of Directors, is pleased to announce that Cancoil Integrated Services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). :CAN.) has closed a Private Placement in which it raised $5,000,000 through the issuance of Special Warrants. ARC Canadian Energy Venture Fund 2 ('ARC Fund 2') subscribed for a total of 3,363,455 Special Warrants and directors, officers, employees of Cancoil and sophisticated investors collectively subscribed for a total of 1,182,000 Special Warrants. The Private Placement consists of 4,545,455 Special Warrants priced at $1.10 each. Each Special Warrant shall entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder thereof to acquire, for no additional consideration, one common share (each, a 'Treasury Share') in the capital of Cancoil and one half of a Warrant (the 'Warrant'). Each whole Warrant shall entitle the holder thereof to purchase, for consideration of $1.25, one Treasury Share for a period of three years from Closing, subject to the usual adjustment provisions. ARC Canadian Energy Venture Fund 2, together with ARC Canadian Energy Venture Fund, now exercises control or direction over an aggregate of approximately 25.35 million common shares (or securities exercisable into common shares, including the Special Warrants and underlying Warrants) of Cancoil, representing approximately 66.4% of the outstanding Cancoil common shares, assuming the exercise of the convertible securities. The proceeds from the financing will be used to manufacture new Cancoil units, to purchase related field equipment and to cover the expansion of support infrastructure. Cancoil is also negotiating appropriate debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for the construction of these additional Cancoil units. Cancoil and Technicoil supply drilling and service operations to the oil and gas industry in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. utilizing patented coil tubing equipment and new technology. This equipment performs underbalanced, directional and vertical drilling, coil fracturing, perforating, production logging and stimulations. Cancoil's common shares are listed on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) under the trading symbol Trading symbol See: Ticker symbol 'CAN.' The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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