Canadian Oilfield Solutions Corp.: Closing of Private Placements- $2,588,550.00

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2012) - Canadian Oilfield Solutions Corp. (the "Corporation") (TSX VENTURE:OTS) is pleased to announce that it has completed its previously announce brokered private placement of units ("Units") with Wolverton Securities Ltd. (the "Agent") for gross aggregate proceeds of $2,499,900. The Corporation issued an aggregate of 16,666,000 Units at an issuance price of $0.15, with each Unit consisting of one (1) common share ("Common Share") of the Corporation and one-half of one non-transferable share purchase warrant ("Warrant"). Each whole Warrant entitles the holders thereof to purchase one (1) additional Common Share for $0.25 for a period of 36 months. In connection with the brokered private placement, the Corporation paid the Agent a 6% cash commission, a corporate finance fee and also issued an agent's option ("Agent's Option") to purchase an aggregate of 1,666,600 Units representing 10% of the number of Units issued under the brokered private placement. The Agent's Option has an exercise price of $0.15 and otherwise has identical terms as the terms of the Units.

The Corporation is also pleased to announce that it has also completed its previously announced non-brokered private placement of Units for gross aggregate proceeds of $88,650. In connection with the non-brokered private placement, the Corporation issued an aggregate of 591,000 Units, paid a 6% cash finder's fee and also issued finder's warrants ("Finder's Warrants") to purchase an aggregate of 59,100 Units representing 10% of the number of Units issued under the non-brokered private placement. The Finder's Warrants have an exercise price of $0.15 and otherwise having identical terms as the terms of the Agent's Option. 

The net proceeds from the issuance of the Units will be used for general working capital purposes. 

The Units, Agent's Option, Finder's Warrants and underlying securities will be subject to a 4 month hold period in accordance with applicable securities laws. The private placements of Units is subject to final approval of the TSX Venture Exchange.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state of the United States or any other jurisdiction outside of Canada in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of c1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.

Contact:
Canadian Oilfield Solutions Corp.
Phil D'Angelo
President
(403) 543-0069
(403) 543-0060
phil@cotsoilfield.com
www.cotsoilfield.com

Working Capital Corporation
Tony Nunziata
Investor Relations
(403) 560-7040
www.workingcapitalcorp.com

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