CALGARY, ALBERTA--(Marketwire - Sept. 26, 2012) - CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, announces that pursuant to the terms and conditions of its stock option plan, it has granted 510,000 stock options to purchase Common Shares of CYGAM (the "Options") to a director. The Options vest immediately, are exercisable at an exercise price of $0.35 per share and expire as follows: one third on July 6, 2013, one third on July 6, 2014 and the remaining third on July 6, 2015.
CYGAM also announces that it has closed its previously announced private placement of 1.0 million common shares of the Company at a price of $0.25 per share for gross proceeds of $250,000 to an officer and director of the Company. All shares issued are subject to a hold period of four months and one day. Upon completion of this closing, there are 113.5 million common shares outstanding. The private placement is subject to final acceptance of the TSX Venture Exchange.
CYGAM intends to use the net proceeds of the private placement to fund ongoing development drilling expenditures at the TT Field in Tunisia and for general working capital purposes.
The Company is pleased to announce that a copy of the presentation provided at the Company's annual and special meeting of shareholders is now available on its website, www.cygamenergy.com
About CYGAM Energy Inc.
CYGAM is a Calgary based exploration company with extensive international exploration permits and producing properties in Tunisia. The main focus of the Company is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean Basin. CYGAM currently holds various interests in seven exploratory permits in Italy and three exploratory permits in Tunisia encompassing approximately 2.7 million gross acres.
Forward Looking Information
Certain information and statements contained in this press release constitute forward-looking information under applicable securities laws. Specifically this press release includes, without limitation, forward-looking information relating to the use of proceeds. The forward-looking information contained in this press release speaks only as of the date of this press release and is expressly qualified by this cautionary statement. This forward-looking information is based on certain key assumptions regarding, among other things, the receipt of regulatory approvals, industry conditions within the jurisdictions in which the Company operates, and global economic conditions. Furthermore, this forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking information. Such factors include, but are not limited to global economic conditions, a failure to obtain required regulatory approvals, changes in laws and regulations and changes in how they are interpreted and enforced, increased competition, volatility of commodity prices, and the inability to complete the transactions or to obtain required regulatory approval. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. CYGAM's actual results, performance or achievement could differ materially from those expressed in, or implied by, this forward-looking information, or if any of them do so, what benefits that CYGAM will derive therefrom. CYGAM disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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.