VANCOUVER, BC, Nov. 12, 2020 /CNW/ - NGX Energy International
Corp. (the "Company" or "NGX") (TSXV: GASX) (OTC:
GASXF) announces that effective at the market open on November 16, 2020, the Company will change its
name to "NG Energy International Corp."
The new CUSIP number for the renamed company's shares is
62931J102 and the new ISIN number is CA62931J1021. The new CUSIP
number for its warrants is 62931J110 and the new ISIN number is
CA62931J1104.
Further to the Company's press release dated October 6, 2020, the Company has agreed with a
third party, GTX International Corp. ("GTX"), that GTX will
build and operate the compression facilities and pipeline to be
built from the Company's Maria
Conchita field in Colombia
to existing pipelines (the "Pipeline Facilities") pursuant
to a memorandum of understanding to be entered into between the
Company and GTX (the "MOU"). Pursuant to the
MOU, the Company, one of its subsidiaries and GTX or one of its
subsidiaries will enter into a take or pay agreement whereby GTX
will process and transport a minimum of 16 million cubic feet per
day of gas to be delivered to the Colombian National Transportation
System. GTX has engaged Canaccord Genuity Corp. to act as
agent for a US$10 million brokered
debenture financing which is anticipated to close next week (the
"GTX Financing").
The net proceeds of the GTX Financing are anticipated to be used
to fund the construction of the Pipeline Facilities.
The Company also announces that further to its press release
dated August 19, 2020, in relation
with the SN-9 Block exploratory program, the USD$2.5M secured loan bearing interest at 15% per
annum advanced in August 2020 with
various related and unrelated parties has been approved by the TSX
Venture Exchange. The lenders have been granted a 3% royalty on the
Company's 72% working interest in gross production from the SN-9
Block and have an option to convert the debt into another 3%
overriding royalty on such working interest.
About NG Energy International Corp.
NG 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.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities, the
entering into and execution of the MOU and the closing of the GTX
Financing. The Company has also assumed that no significant events
will occur outside of the Company's normal course of business.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
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.