TG World Energy Closes Equity Financing

TG World Energy has completed its previously announced private placement of an aggregate of 18,942,800 units at a price of $1.20 per unit for gross proceeds to the Corporation of $22,731,360.

Each unit consisted of one common share of TG World and one half of one common share purchase warrant. A full warrant will entitle the holder to acquire one common share of the Corporation at any time until the date that is 12 months following closing of the offering at an exercise price of $1.50 per share (subject to customary anti-dilution adjustments).

As previously announced, the offering was made through a syndicate of agents co-led by Tristone Capital Inc. and Canaccord Capital Inc., and including Jennings Capital Inc.

TG World expects to utilize the net proceeds of the offering to fund ongoing exploration and development of oil and gas assets in Alaska, in Niger and for general corporate purposes.

All of the common shares and share purchase warrants issued to subscribers under the offering will be subject to a 4-month hold period in Canada in accordance with applicable securities laws.