CALGARY, ALBERTA--(Marketwire - Sept. 13, 2012) -
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CYGAM Energy Inc. (TSX VENTURE:CYG) ("CYGAM", or the "Company"), an emerging oil and gas company with interests in Tunisia and Italy, is pleased to announce it has sold 2.54 million common shares of the Company at a price of $0.25 per share for gross proceeds of $635,000 pursuant to its previously announced non-brokered private placement. All shares issued are subject to a hold period of four month and one day. Upon completion of this initial closing, there are 105.4 million common shares outstanding. An insider of the Company purchased 200,000 common shares in this initial closing.
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 expects to complete the remaining portion of the offering as soon as possible. The offering is subject to final acceptance of the TSX Venture Exchange.
Forward Looking Information
Certain information and statements contained in this press release constitute forward-looking information under applicable securities laws. Specifically this press release contains forward-looking information relating to: the use of proceeds and other statements that are forward-looking statements. 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.