CGX ENERGY INC says it has raised another US$7.5M in financing partly to continue its oil exploration activities in Guyana.
A statement from CGX’s Toronto office says the company successfully raised the money by the issuance of 15 million common shares through a syndicate of dealers
It says these shares, issued under private placement, are subject to a four-month hold period expiring December 5, 2004.
The money will be used to fund exploration and development activities, including drilling of exploration wells onshore Guyana through CGX’s subsidiary company, ON Energy Inc. and to advance certain CGX offshore properties and for general corporate purposes.
GGX Energy Inc. 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 finance professionals from Canada, U.S. and the United Kingdom.
It is financed internationally and has shareholders worldwide.