Canoel International Energy Ltd. (“Canoel” or the “Company”) (TSX VENTURE:CIL) is pleased to announce that it has issued and sold to subscribers, by way of a private placement under prospectus and registration exemptions, an aggregate of 1,260,000 units (“Units”) at a price of $0.17 per Unit for aggregate gross proceeds of $214,200.

Each Unit consists of one common share in the capital of Canoel, one-half of one common share purchase warrant (“Year 1 Warrant”) and one-half of one common share purchase warrant (“Year 2 Warrant”).

Each whole Year 1 Warrant will entitle the holder to purchase one additional common share of Canoel at $0.30 for a period of one year from the date of the first sale of Units under the Offering and each whole 2 Year Warrant will entitle the holder to purchase one additional common share of Canoel at $0.40 for a period of two years from the date of the first sale of Units under the Offering, subject to early termination if, at any time following four months and one day from the date of the last closing under the Offering, the closing price of the Common Shares on the TSX Venture Exchange exceeds $0.40, in the case of Year 1 Warrants, and $0.50 in the case of Year 2 Warrants for 15 consecutive trading days.