Canacol Energy Ltd. Announces Additional Upsizing of Private Placement Equity Financing From $5.3 Million to $6.0 Million

Canacol Energy Ltd. announce dthat it is upsizing its previously announced private placement financing from $5,000,000 to $6,000,000 based on market demand. As announced on April 27, 2009, the Corporation entered into an agreement with Canaccord Capital Corporation (“Canaccord”) to issue, on a private placement “best efforts” agency basis, up to $5,000,000 in units (“Units”) at a price of $0.125 per Unit (the “Offering”). Each Unit will consist of one common share of the Corporation and one-half common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to acquire one common share of the Corporation at a price of $0.20 for a period of 24 months from the closing date of the Offering. In order to accommodate the resulting market demand for the private placement, the Corporation had originally increased the Offering to $5,300,000 on May 7, 2009, but due to continued market demand, the Offering is now being increased to $6,000,000. The Corporation also anticipates that the Offering will have two closings with the first closing expected on or about May 14, 2009 and the second closing expected on or about May 21, 2009.

Canacol is a Canadian based international oil and gas corporation with operations in Colombia, Brazil and Guyana. Canacol is publicly traded on TSX Venture Exchange (TSX VENTURE:CNE). The Corporation’s public filings may be found at www.sedar.com.
http://www.theenergynews.com/news/article.php?storyid=32857&ftptype=1

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