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CGX Closes Private Placement

Bnamericas
Toronto-based oil and gas company CGX Energy last week closed a US$1.1mn private placement of 780,000 units, which each consist of one common share and one half warrant. One full warrant entitles the holder to purchase one common share at US$1.90 until March 31, 2001. The placement will be used for working capital purposes, CGX said. The company owns a 100% interest in a 3.8 million acre exploration license in Guyana. It expects to spud its Eagle fan target late May or early June.

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