CGX Files Year-end Financial Statements And MD&A And Provides An Update On The Private Placement Financing
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
(TSX-V | OYL)
TORONTO, April 22, 2013 /CNW/ - CGX Energy Inc. (TSX-V: OYL) ("CGX" or the "Company") announces that its Board of Directors has approved the Financial Statements and MD&A for the year ended December 31, 2012. These documents have been filed on SEDAR, and also posted on the Company's website.
As previously announced, the Company requires additional financing to meet its current obligations and ongoing activities and is currently in the process of finalizing a private placement for a minimum of Cdn$35 million and maximum of Cdn$40 million (the "Offering"). One of the conditions of closing of the Offering is that the Company is to obtain shareholder approval for the termination of the Company's shareholder rights plan, which approval is being sought at a special meeting of shareholders scheduled for April 25, 2013. Another condition of closing of the Offering is that the Company re-negotiate its agreements with certain directors, officers, employees and consultants of the Company such that the aggregate obligations payable by the Company or any of its subsidiaries under such agreements on a change of control of the Company do not exceed approximately Cdn$4 million. The Company has determined that it will limit such aggregate change of control payments to a maximum of Cdn$2 million.About CGX Energy CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area in which the United States Geological Survey estimated a Pmean oil resource potential of 13.6 billion barrels in their Assessment of Undiscovered Conventional Oil and Gas Resources of South America and the Caribbean, 2012. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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