WSG Group Systems Inc.

February 03, 2006 14:21 ET

WSG Group Systems Inc. Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Feb. 3, 2006) -

(Not for dissemination in the United States of America)

WSG Group Systems Inc. (the "Corporation") (TSX VENTURE:WSG) is pleased to announce that it has closed its previously announced private placement (the "Private Placement"). The Corporation issued 20,000,000 subscription receipts, convertible into common shares of the Corporation (the "Shares"), for gross proceeds to the Corporation of $20,000,000. Each subscription receipt will automatically be exchanged and converted, without any further action on the part of the holder, into one Share of the Corporation on the completion of the previously announced plan of arrangement between the Corporation and Duinord Petroleum, Inc. (the "Plan of Arrangement").

Pursuant to the Plan of Arrangement, the Shares will be exchanged for free trading shares of GFI Oil & Gas Corporation, the company resulting from the Plan of Arrangement. The proceeds of the Private Placement will be held in escrow until the Plan of Arrangement is completed.

Tristone Capital Inc. acted as agent to the Corporation in connection with the
Private Placement.

All references to "$" in this press release are to Canadian dollars.

The TSX Venture has in no way passed upon the merits of the Business Combination and has neither approved nor disapproved the contents of this press release.

The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.

Contact Information

  • WSG Group Systems Inc.
    Greg Campbell
    (403) 209-3381
    R. L. LaGarde
    (281) 877-7299