VANCOUVER, BC, Oct. 6, 2020 /CNW/ - NGX Energy International
Corp. (formerly CruzSur Energy Corp.) (the "Company" or "NGX")
(TSXV: GASX) is pleased to announce that 10,553,332 share purchase
warrants have been exercised by insiders resulting in the issuance
of 10,553,332 common shares generating $1,583,000.
Early Warning – Frank
Giustra
The Company was informed that Mr. Giustra acquired ownership of
6,333,333 common shares of the Company as a result of exercising
6,333,333 share purchase warrants. Prior to the exercise of
warrants, Mr. Giustra directly and indirectly owned/controlled an
aggregate of 12,269,105 common shares, representing 17.20% of the
then issued and outstanding common shares of the Company and would
have owned 21,992,980 common shares assuming exercise of
convertible securities, representing 27.13% of the outstanding
shares on a partially diluted basis. Mr. Giustra directly and
indirectly now owns and/or controls in aggregate 18,602,438 common
shares representing 22.90% of the issued and outstanding common
shares of the Company and would own 21,992,980 common shares,
representing 25.99% of the issued and outstanding common shares of
the Issuer on a partially diluted basis assuming the exercise of
options and warrants.
Early Warning – Serafino
Iacono
The Company was informed that Mr. Iacono acquired ownership of
4,219,999 common shares of the Company as a result of exercising
4,219,999 share purchase warrants. Prior to the exercise of
warrants, Mr. Iacono directly and indirectly owned/controlled an
aggregate of 6,832,907 common shares, representing 9.58% of the
then issued and outstanding common shares of the Company and would
have owned 11,872,489 common shares assuming exercise of
convertible securities, representing 15.54% of the outstanding
shares on a partially diluted basis. Mr. Iacono directly and
indirectly now owns and/or controls in aggregate 11,052,906 common
shares representing 13.61% of the issued and outstanding common
shares of the Company and would own 11,872,489 common shares,
representing 14.47% of the issued and outstanding common shares of
the Issuer on a partially diluted basis assuming the exercise of
options and warrants.
About NGX Energy International Corp.
NGX Energy International Corp. is a publicly traded E&P
company on a mission to provide a clean and sustainable solution to
Colombia's energy needs. The
Company intends on executing this mission by producing and
bringing gas to the premium priced Colombian gas market from its
concessions, SN-9, a 311,353 acres block which is adjacent to
Canacol's Nelson field, as well Maria
Conchita, a 32,518 acre block located in the region of La
Guajira. NGX's team has extensive technical expertise and a proven
track record of building companies and creating value in
South America. For more
information please visit SEDAR (www.sedar.com) and the Company's
website (www.ngxenergyintl.com).
Forward-Looking Information
Except for the
statements of historical fact, this news release contains
"forward-looking information" within the meaning of the applicable
Canadian securities legislation that is based on expectations,
estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE NGX Energy International Corp.