news release: July 9, 2001
CGX ENERGY INC.
(OYL.U – CDNX)
NEWS RELEASE
CGX Initiates Flow Through Private Placement
Toronto, July 9th, 2001 – CGX (OYL.U – CDNX) reports that it has initiated a flow through private placement, consisting of 1,650,000 common shares priced at US$0.40 per share for total proceeds of US$660,000. The funds will be used for low risk oil and gas exploration in Alberta and British Columbia. Kerry Sully, president of CGX Energy, commented, “…CGX is taking advantage of current market conditions and utilizing its strong management expertise in the development of oil and gas opportunities in Canada, to generate sufficient cash flow to increase its treasury and cover ongoing operations”.
With respect to Guyana/Suriname relations, CGX is encouraged by recent developments at the 22nd Meeting of the Conference of Heads of Government of the Caribbean Community in Nassau, Bahamas. The Caribbean News Agency (CANA), as well as other regional news organizations, reported that Presidents Bharrat Jagdeo of Guyana and Ronald Venetiaan of Suriname held a joint press conference on Wednesday July 4th, 2001. The Presidents expressed the hope that both countries should avoid expenditures on “conflicts” and focus scarce resources on improvement of the welfare of the peoples of Guyana and Suriname. Further, they spoke of building bridges of friendship, good neighbourliness and peaceful co-existence.
CGX Energy Inc. (CDNX – 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 over 3,000 shareholders worldwide. For further information please contact: Kerry Sully, President & CEO, at (604) 733-9647, Dan Farrell or Denis Clement at (416) 364-5569 or visit our website at www.cgxenergy.com.
THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITY OR SIMILAR BODY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
120 Adelaide St. West, Suite 512, Toronto, Ontario, Canada M4H 1T1 Fax: (416) 364-5400 Email: info@cgxenergy.com Shares Outstanding: 46,176,307 Fully diluted: 59,194,741 |
