Canacol Energy: Closes $50 Million Bought Deal Prospectus Offering

Canacol Energy Ltd.  (TSX VENTURE:CNE) reported that the company has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Canaccord Financial Ltd. and FirstEnergy Capital Corp.

The press release is quoted as saying:

The net proceeds from this Offering will be used to fund seismic acquisition and drilling of exploration wells on the Corporation’s heavy oil blocks in Colombia, including the newly acquired Cedrela E&P contract, the drilling of a second onshore Guyana exploration well on the Corporation’s Takutu block, the acquisition of new exploration blocks in the June 2010 Colombia bid round, the repayment of a portion or all of the Corporations debt, and general corporate purposes.

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