Canadian Oilfield Solutions Corp Announces Closing of Private Placements

Canadian Oilfield Solutions Corp announced that it has completed its previously announced brokered private placement of units with Wolverton Securities Ltd for gross aggregate proceeds of $2,499,900. It issued 16,666,000 Units at an issuance price of $0.15, with each Unit consisting of one common share and one-half of one non-transferable share purchase warrant. Each whole Warrant entitles the holders thereof to purchase one additional Common Share for $0.25 for a period of 36 months. In connection with the brokered private placement, it paid the Agent a 6% cash commission, a corporate finance fee and also issued an 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. The Company also announced 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, it has issued an aggregate of 591,000 Units, paid a 6% cash finder's fee and also issued 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.