/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
(TSX-V | OYL)
TORONTO, April 22, 2013 /CNW/ - CGX Energy Inc. (TSX-V: OYL) ("CGX" or
the "Company") announces that its Board of Directors has approved the
Financial Statements and MD&A for the year ended December 31, 2012.
These documents have been filed on SEDAR, and also posted on the
Company's website.
As previously announced, the Company requires additional financing to
meet its current obligations and ongoing activities and is currently in
the process of finalizing a private placement for a minimum of Cdn$35
million and maximum of Cdn$40 million (the "Offering"). One of the
conditions of closing of the Offering is that the Company is to obtain
shareholder approval for the termination of the Company's shareholder
rights plan, which approval is being sought at a special meeting of
shareholders scheduled for April 25, 2013. Another condition of closing
of the Offering is that the Company re-negotiate its agreements with
certain directors, officers, employees and consultants of the Company
such that the aggregate obligations payable by the Company or any of
its subsidiaries under such agreements on a change of control of the
Company do not exceed approximately Cdn$4 million. The Company has
determined that it will limit such aggregate change of control payments
to a maximum of Cdn$2 million.
About CGX Energy
CGX is a Canadian-based oil and gas exploration company focused on the
exploration of oil in the Guyana-Suriname Basin, an area in which the
United States Geological Survey estimated a Pmean oil resource
potential of 13.6 billion barrels in their Assessment of Undiscovered
Conventional Oil and Gas Resources of South America and the Caribbean,
2012. CGX is managed by a team of experienced oil and gas and finance
professionals from Guyana, Canada, the United States and the United
Kingdom.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements:
This press release contains forward-looking statements. More
particularly, this press release contains statements that include, but
are not limited to, the closing of the private placement and the
calling and holding of a special meeting of shareholders.
Forward-looking statements are frequently characterized by words such
as "plan", "expect", "project", "intend", "believe", anticipate",
"estimate", "may", "will", "would", "potential", "proposed" and other
similar words, or statements that certain events or conditions "may" or
"will" occur. The forward-looking statements are based on certain key
expectations and assumptions made by CGX. Although CGX believes that
the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because CGX can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of
factors and risks. In addition to other risks that may affect the
forward-looking statements in this press release and those set out in
CGX's management's discussion and analysis of the financial condition
and results of operations for the year ended December 31, 2012, the
private placement could be delayed or not occur if the Company is
unable to obtain the requisite shareholder approval on the timelines it
has planned, if the Company is unable to continue as a going concern
until the closing of the private placement, or if some other condition
to the closing is not satisfied. The forward-looking statements
contained in this press release are made as of the date hereof and CGX
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE: CGX Energy Inc.
