CGX Enters Financing Deal for Exploration

CGX Energy has entered into a financing agreement with GMP Securities Ltd. and Raymond James Ltd. whereby GMP has been engaged as lead agent for a private placement of up to 8,219,178 Units at a price of US$0.73 per Unit for aggregate gross proceeds of up to US$6,000,000. Each Unit will consist of one (1) common share and one-half (1/2) common share purchase warrant. Each whole common share purchase warrant will be exercisable into one (1) common share at a price of US$1.10 for a period of eighteen months from the date of closing of the financing. The Units will be marketed on a best efforts basis under private placement exemptions to qualified investors in Ontario, Alberta, British Columbia and other jurisdictions as may be agreed to by GMP and CGX.

Proceeds from the private placement will be used to fund exploration and development activities, including drilling of exploration wells onshore Guyana through CGX's subsidiary company, ON Energy Inc. and to advance certain of CGX's offshore properties and for general corporate purposes. Completion of the sale of the Units remains subject to the acceptance thereof by the TSX Venture Exchange and to the completion of definitive transaction documentation.
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