CGX Energy Inc.

CGX Energy Inc.

March 07, 2005 16:33 ET

CGX Announces $5 Million Non-Brokered Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CGX ENERGY INC.

TSX VENTURE SYMBOL: OYL.U

MARCH 7, 2005 - 16:33 ET

CGX Announces $5 Million Non-Brokered Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 7, 2005) - CGX Energy Inc. (TSX
VENTURE:OYL.U) has authorized a non-brokered 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.

CGX Energy Inc. (TSX-V- OYL.U) is a Canadian-based oil and gas
exploration company focused on the exploration for oil in the Guyana
basin and is actively looking at other international opportunities. CGX
is managed by a team of experienced oil and gas and finance
professionals from Canada, U.S.A. and the UK. CGX is financed
internationally and has shareholders worldwide.

THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE
RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Shares Outstanding: 82,450,595

Fully-Diluted: 93,339,913

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CGX Energy Inc.
    Kerry Sully
    President & CEO
    (604) 733-9647
    or
    CGX Energy Inc.
    Charlotte May
    Investor Relations
    (416) 364-3353
    or
    CGX Energy Inc.
    Denis Clement
    Director
    (416) 364-1909
    (416) 364-5400 (FAX)
    www.cgxenergy.com.