GFI Oil & Gas Corporation
TSX VENTURE : GFI

GFI Oil & Gas Corporation

March 16, 2007 16:05 ET

GFI Oil & Gas Corporation: News Release

CALGARY, ALBERTA--(CCNMatthews - March 16, 2007) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

GFI OIL & GAS CORPORATION (the "Corporation") (TSX VENTURE:GFI) announces that it has received expressions of interest to complete the balance of its previously announced private placement of common shares at a price of CDN$0.65 per share (the "Private Placement"), subject to regulatory approval. The Corporation intends to sell the balance of 8,123,077 common shares at a price of CDN$0.65 per share for gross proceeds of CDN$5,280,000. As previously announced, the Corporation intends to use the proceeds from the Private Placement for the on-going development of its Indonesia and Thailand gas and oil projects and for general working capital purposes.

The completion of the Private Placement is subject to regulatory approval and the usual other conditions, including the completion of due diligence.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • GFI Oil & Gas Corporation
    Alex T. Warmath
    Chief Executive Officer
    (281) 877-7940
    Email: awarmath@gfioil.com
    or
    GFI Oil & Gas Corporation
    12707 North Freeway, Suite 425
    Houston, TX 77079
    USA