CANADA ENERGY PARTNERS INC. ANNOUNCES COMPLETION OF PRIVATE PLACEMENT

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Jan. 31, 2022 /CNW/ - Canada Energy Partners Inc. (NEX: CE.H) (the "Corporation") today announced that it has completed the previously announced non-brokered private placement of units ("Units") for gross aggregate proceeds of $404,200. Each Unit consists of a common share at an issuance price of $0.08 and a non-transferrable share purchase warrant ("Warrant") entitling the holder to purchase an additional common share at a purchase price of $0.12 for a period of 12 months.

In connection with the private placement, the Corporation paid an 8% commission to certain arm's length parties consisting of a cash payment in the aggregate amount of $28,336 and the issuance of an aggregate of 309,200 finder's Warrants.

All common shares and Warrants issued under the private placement to the investors and the finders are subject to a 4 month hold period in accordance with applicable securities laws. Completion of the private placement is subject to final approval of the TSX Venture Exchange.

On behalf of the Board of Directors of
Canada Energy Partners Inc.

Grant Hall
President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canada Energy Partners Inc.

CANADA ENERGY PARTNERS INC., Attention: Grant Hall, President and CEO, Email: [email protected], Direct Phone: [phone]