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Canada Gas Corp. ("Canada Gas" or the "Company") announces that further to its
news release of January 6th, 2011, the Company has increased its non-brokered
private placement financing by $25,000 to $275,000 and is adjusting the
exercise price of its options to reflect the closing price of its shares on
January 7th, 2011.
In total the Company is
offering 1,833,333 million units at $0.15 per unit, each unit consisting of
one share and one share purchase warrant exercisable at a price of $0.25 for
a period of two years as well as granting 950,000 incentive stock options to
Directors, Officers, consultants and advisors of the Company, exercisable at
a price of $0.22 for a period of 5 years.
On January 6th, 2011, Canada
Gas announced it has signed a Letter of Intent whereby the Company
has the option to acquire 100% of the Goeland rare earth property, Montviel
Carbonatite Complex, Quebec, subject to various terms and conditions.
All of the above is
subject to TSX-V and regulatory acceptance.
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
For more information on Canada
Gas Corp., please contact our Head Office.
On Behalf of the Board,
CANADA
GAS CORP.
Chad McMillan
President & CEO
FORWARD
LOOKING STATEMENTS
This press release may contain forward-looking statements including
expectations of future production. More particularly, this press release
contains statements concerning the Partners future production estimates,
expansion of oil and gas property interests, exploration and development
drilling, regulatory applications, payout estimates, capital expenditures,
and drilling locations to be drilled in 2007/2008. These statements are based
on current expectations that involve a number of risks and uncertainties,
which could cause actual results to differ from those anticipated. These
risks include, but are not limited to: the risks associated with the oil and
gas industry (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price, price and exchange rate fluctuation and uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. Additional
information on these and other factors that could affect the Partners
operations or financial results are included in the Partners reports on file
with Canadian securities regulatory authorities. The forward-looking
statements or information contained in this news release are made as of the date
hereof and the Partners undertake no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. Oil and Gas Advisory. This press release may contain
disclosure expressed as "boe". All oil and natural gas equivalency
volumes have been derived using the ratio of six thousand cubic feet of
natural gas to one barrel of oil. Equivalency measures may be misleading,
particularly if used in isolation. A conversion ratio of six thousand cubic
feet of natural gas to one barrel of oil is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the well head. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy
of this release.
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