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Pacific Rubiales Energy Corp Announces Agreement To Invest CAD35 Million To Acquire Control Of CGX Energy Inc

Wednesday, 27 Feb 2013 10:44pm EST 

Pacific Rubiales Energy Corp announced that it has entered into a binding term sheet with CGX Energy Inc, pursuant to which Pacific Rubiales has agreed to invest CAD35,000,000 in CGX at a price of CAD0.14 per unit for an aggregate of 250 million units. Each unit will consist of one common share and one common share purchase warrant of CGX, with each warrant being exercisable to acquire one CGX common share at an exercise price of CAD0.20 per share for a period of five years following the date of issuance of the units. CGX engaged GMP Securities L.P. as its financial advisor for the private placement, the net proceeds of which will enable CGX to discharge its immediate obligations under its Georgetown PA Joint Operating Agreement and to continue to fund its other near term obligations. Upon closing of the investment, the board of directors of CGX will be reconstituted to ensure that a majority of the directors are nominees of Pacific Rubiales.