VEL

Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company") announces plans
for a non-brokered private placement of up to 8,333,333 units at a price of
$0.60 per unit for aggregate gross proceeds of up to $5 million.


Each unit will consist of one common share and one non-transferable warrant,
each warrant entitling the holder to purchase one common share at a price of
$1.00 for a period of 24 months following the closing date. The warrant will be
subject to accelerated expiry if at any time after the date that is four months
and one day after the closing, the Issuer's common shares trade on the Exchange
at a price of $1.50 or more for the preceding 20 consecutive trading days.


The securities issued pursuant to the private placement will be subject to a
four month hold period from the closing date. The Company may pay finder's fees
in connection with the private placement, subject to compliance with the
policies of the Exchange. Completion of the private placement and the payment of
any finder's fees remain subject to the receipt of all necessary regulatory
approvals, including the approval of the Exchange.


The proceeds of the private placement will be used to further its drilling and
development plans in East Africa, including Blocks 3A and 3B in Kenya.


About Vanoil Energy Ltd.

Based in Vancouver, Canada, Vanoil is an internationally diversified resource
company that has a comprehensive portfolio of oil and gas assets in the African
countries of Kenya and Rwanda. In Kenya, Blocks 3A and 3B were acquired in
October 2007 through the signing of a Production Sharing Contract with the
Government of the Republic of Kenya. Blocks 3A and 3B, which cover 24,912 square
kilometers, are part of the vastly under-explored Cretaceous Central African
Rift Basin System. The Company is preparing to drill in Q1 2013 its first
exploration well on its Kenyan concession. Vanoil's is also the holder of 1,631
square kilometers of an oil and gas exclusive licence in the East Kivu Graben in
Rwanda at the southern extension of the Albertine Graben where Heritage and
Tullow Oil made their historic discovery in neighbouring Uganda.


On behalf of the Board of VANOIL ENERGY LTD.

Aaron D'Este, Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT: 
Vanoil Energy Ltd.
Malcolm Burke
604-689-1515 x 108
mpb@primarycapital.net


Vanoil Energy Ltd.
Don Padgett
604-689-1515 x 104
dp@primarycapital.net
www.vanoil.ca

Grafico Azioni Vanoil Energy Ltd. (TSXV:VEL)
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Da Mag 2024 a Giu 2024

Grafico Azioni Vanoil Energy Ltd. (TSXV:VEL)
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