Vanoil Energy Ltd. (TSXV: VEL.V) closed its non-brokered private placement, announced on December 11 2012, issuing 7,450,549 units of the company at a price of CA $0.60 per unit for total gross proceeds of CA $4,470,329.

Each unit consists of one common share of the company and one whole non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one share at a price of CA $1 for a period of 24 months following closing.

The warrant will be subject to accelerated expiry if at any time after ...