Wedge Energy International Inc.
CNSX : WEG

Wedge Energy International Inc.

January 25, 2010 08:45 ET

WEG Announces Private Placement of Convertible Note

OTTAWA, ONTARIO--(Marketwire - Jan. 25, 2010) - Wedge Energy International Inc. ("WEG" or the "Company") (CNSX:WEG) announced that the Company has signed an agreement with thirteen investors wherein the investors have agreed to purchase an aggregate of $770,000 principal amount of convertible notes ("the Notes"). The Notes are convertible into 77,000,000 common shares at a price of $0.01 per share. The Notes mature on January 26, 2011. The Corporation has also issued to the investors 33,900,000 warrants entitling the holder thereof to purchase common shares in the capital of the Corporation up to and until January 26, 2012 at a price of $0.02 per common share.

Interest on the principal amount shall be at 10% per annum, payable quarterly in advance. The Company has the right to effectuate the payment of interest in common shares of the Company.

Of the total proceeds, $270,000 will be used to repurchase convertible notes of the Company held by three of the investors, and the remaining $500,000 in proceeds will be used by the Company as working capital in support of the Company's ongoing efforts to secure an interest or joint venture in the Arys Concession, Kazakhstan.

For further information, please go to www.wedgeenergy.com.

"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The CNSX has not approved or disapproved of the information contained in this Press Release."

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