CANADA ENERGY PARTNERS ANNOUNCES $250,000 EQUITY FINANCING

VANCOUVER, BC, May 9, 2024 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Company"). The Company intends to complete a non-brokered private placement of up to 25,000,000 common shares at an issuance price of $0.01 for gross proceeds of up to $250,000.00 (the "Offering"), subject to minimum closing of $150,000.

The net proceeds of the Offering will not be used for payment of any investor relations activities and will also not be used for payments to any related parties, other than for reimbursement of out-of-pocket expenses incurred on behalf of the Company.

The Company intends to pay eligible finders an 8% cash commission and issue warrants to purchase shares at an exercise price of $0.05 for a period of 12 months. The company may also increase the cash commission to 10% for Registered Dealers. The terms of all commissions are subject to applicable securities laws and approval of the TSX Venture Exchange ("TSXV"). 

The Company is seeking approval of the TSXV for temporary relief from the minimum pricing restrictions to issue shares at $0.01. The closing of the Offering is subject to approval of the TSXV and all shares issued under the Offering will be subject to a 4-month hold period in accordance with applicable securities laws. 

Canada Energy Partners Ltd. is a Canadian oil and gas focused on the acquisition of production and exploration oil and gas assets in the Southern United States. The Company is currently in due diligence discussions with oil and gas operators in Texas.

We seek Safe Harbor.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, including, without limitation, estimated revenues. Forward-looking statements in this press release include statements about the anticipated filing deadline for the Annual Filings. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, the failure to file the Annual Filings by the anticipated date. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.

SOURCE Canada Energy Partners Inc.