Sagres Energy Inc.
TSX VENTURE : SGI

September 17, 2010 18:56 ET

Sagres Energy Announces Completion of Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sagres Energy Inc. ("Sagres") (TSX VENTURE:SGI), an international oil and gas exploration company with an exploration portfolio in Guyana and Jamaica, announced today that it has closed the upsized private placement financing of units of Sagres at an issue price of $0.35 per unit for gross proceeds of $8.0 million. Each unit consists of one common share of Sagres and one-half warrant. Each whole warrant entitles the holder to purchase one common share of Sagres at $0.55 for a period of 18 months. An aggregate of $322,000 in finder's fees were paid or are payable to certain arm's length persons in connection with the financing. The securities are subject to a four-month hold period.

About Sagres

Sagres Energy Inc. is a Canadian based international oil and gas exploration company with an exploration portfolio in Guyana and Jamaica. The common shares of Sagres are listed for trading on the TSX Venture Exchange under the symbol "SGI".

Cautionary Statements

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sagres Energy Inc.
    Dr. David Johnson
    President
    (403) 978-9878
    or
    Sagres Energy Inc.
    Jason Bednar
    Chief Financial Officer
    (403) 607-4607