Cantrell announces closing of private placement

    
    /NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN
    THE UNITED STATES/

    TSXV - CLJ.H
    

VANCOUVER , Oct. 8 /CNW/ - Cantrell Capital Corp. is pleased to advise that it has closed its previously announced private placement for gross proceeds of $45,000,000 . Pursuant to the private placement the Company has issued 161,400,000 subscription receipts and 18,600,000 units at a price of $0.25 per subscription receipt and per unit. On satisfaction of certain escrow release conditions (the "Release Conditions") including completion of the Company's acquisition of Imore S.A., as detailed in the Company's news release dated September 16, 2009 , each subscription receipt will automatically convert into a unit of the Company consisting of one common share and one share purchase warrant, with each warrant exercisable into one common share at $0.75 per share until October 8, 2014 . The 18,600,000 units issued under the private placement are identical to the units into which the subscription receipts will convert. The gross proceeds of $40,350,000 from the sale of the subscription receipts have been placed into escrow and will be released upon satisfaction of the Release Conditions. The net proceeds from the sale of the units will, subject to regulatory approval, be applied towards the Company's proposed $5,000,000 investment in Petro Vista Energy Corp., as announced by the Company on October 6, 2009 .

The private placement was conducted through a syndicate of investment dealers led by GMP Securities L.P. and Canaccord Capital Corporation and included Raymond James Ltd.

The subscription receipts, the units, and all securities which are issuable on exercise thereof are subject to a four month hold period expiring on February 8, 2010 .

    
    Neither the 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.
    

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For further information: Gordon Keep, Corporate Secretary & Chief Financial Officer, Tel: [phone]