CGX Announces $5 Million Non-Brokered Private Placement

CGX Energy Inc. (OYL.U - TSX-V) has authorized a private placement of 6,250,000 Units at a price of US$0.80 per unit for aggregate gross proceeds of US$5 million. The private placement will consist of units priced at US$0.80 per unit. Each unit consists of one common share and one-half common share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at a price of US$1.10 for a period of 18 months from closing of the private placement. A commission may be paid to certain parties at the discretion of the Company.

The securities issued on closing of the private placement will be subject to a four-month hold period.

Completion of the sale of the Units remains subject to the acceptance thereof by the TSX-V and to completion of definitive transaction documentation.