Macquarie Metals & Energy Capital (Canada) Limited

November 29, 2006 21:29 ET

Macquarie Metals & Energy Capital 'Canada' Limited Acquires Shares in GFI Oil & Gas Corporation

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - Macquarie Metals & Energy Capital (Canada) Limited ("MMEC") has acquired 15,700,000 common shares in GFI Oil & Gas Corporation ("GFI") pursuant to a private placement by GFI. This acquisition is in addition to the current ownership of 1,000,000 common shares held by Macquarie Bank Limited. Macquarie Bank Limited is the parent of MMEC.

The 15,700,000 common shares in GFI acquired represent approximately 11.05% of the issued and outstanding common shares of GFI. This acquisition, which occurred on November 27, 2006, brings MMEC's and its affiliates' ownership of common shares in GFI to 16,700,000, representing approximately 11.76% of the common shares issued and outstanding, after giving effect to the issue of common shares to MMEC and other investors as part of a private placement by GFI.

The 15,700,000 common shares were issued to MMEC at a price of $0.65 per share, for total consideration of $ 10,205,000. The shares were acquired by MMEC for investment purposes and, depending on market and other conditions, MMEC and its affiliates may increase or decrease their ownership of, or control or direction over securities of, GFI.

GFI is listed on the TSX Venture Exchange.

Contact Information

  • Macquarie Group
    Alex W. Doughty
    Vice President, Communications - North America
    +1(212) 231-1710
    or
    Macquarie Metals & Energy Capital (Canada) Limited
    Suite 2664, Four Bentall Centre
    1055 Dunsmuir Street
    Vancouver B.C. V7X 1K8