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Pacific Rubiales Energy Corp Closes CGX Energy Inc Private Placement Financing

Monday, 29 Apr 2013 06:30am EDT 

Pacific Rubiales Energy Corp announced the closing of the CGX Energy Inc. (CGX Energy) private placement financing on April 26, 2013. The Company subscribed for 350 million units (Units) at a price of CAD0.10 per Unit for an aggregate price of CAD35 million. Each Unit is comprised of one common share in the capital of CGX and one whole common share purchase warrant of CGX with an exercise price of CAD0.17. As a result of the private placement, Pacific Rubiales owns approximately 63% of the issued and outstanding common shares in the capital of CGX Energy on a non-diluted basis and approximately 75% on a fully-diluted basis. The board of directors of CGX Energy is comprised of eight directors of which Pacific Rubiales has nominated five directors - being Ronald Pantin, Serafino Iacono, José Francisco Arata, Marino Ostos and Dennis Mills. The new board of directors of CGX has appointed Serafino Iacono as Co-Chairman, Dewi Jones as Chief Executive Officer (CEO) and Michael Galego as General Counsel and Secretary.