Canoel International Energy Ltd. has entered into a farmout and participation agreement for the acquisition from Cygam Energy Inc., an arm's length party to the Corporation, of oil and gas interests in certain properties in the Bazma, Sud Tozeur and Jorf areas of Tunisia. Canoel is a capital pool company and intends for the Acquisition to constitute the Qualifying Transaction of the Corporation, as such term is defined in the policies of the TSX Venture Exchange. The Acquisition is Arm's Length and is not subject to shareholder approval. Upon completion of the Qualifying Transaction, Canoel will be an oil and gas company focussed on international oil and gas exploration opportunities...more...