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May 3, 2007
CYGAM ENERGY INC. ANNOUNCES THE TERMS OF $10 MILLION PRIVATE PLACEMENT.
CYGAM ENERGY INC. (TSX Venture Exchange: CYG) )
Calgary, Alberta, May 3, 2007 - Cygam Energy Inc. ("Cygam" or the "Corporation") is pleased to announce that it has set the terms of its previously announced private placement financing. Pursuant to the private placement, the Corporation will issue 10 million common shares at a price of $1.00 per share, for gross proceeds of $10 million. Tristone Capital Inc. ("Tristone") was engaged to act as the agent in connection with the private placement. Closing of the private placement is scheduled to occur on May 23, 2007, subject to obtaining necessary regulatory approvals including approval of the TSX Venture Exchange.
The common shares to be issued pursuant to the private placement will be subject to a four month hold from the date of issuance.
Net proceeds from the offering will be used to augment Cygam's existing working capital to fund and accelerate the ongoing exploration and development of oil and gas assets in Italy and Tunisia and to fund potential new opportunities in the Mediterranean basin.
Cygam is a Calgary based exploration company with producing oil and gas properties in Canada and extensive international exploration concessions. The main focus of the Corporation 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 five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 2.7 million net acres). Visit the Cygam website at www.cygamenergyinc.com for more information about Cygam.
For further information, please contact:
For further information please contact:
Dario Sodero, President or
Ali Rawji, Chief Financial Officer
Tel: (403) 802-6983, Fax: (403) 802-6984
E-mail: dario.sodero@cygamenergyinc.com or ali.rawji@cygamenergyinc.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release