CGX Energy Inc. announced that its Board of Directors has approved the Financial Statements and MD&A for the year ended December 31, 2012. These documents have been filed on SEDAR, and also posted on the Company's website.
As previously announced, the Company requires additional financing to meet its current obligations and ongoing activities and is currently in the process of finalizing a private placement for a minimum of Cdn$35 million and maximum of Cdn$40 million (the "Offering"). One of the conditions of closing of the Offering is that the Company is to obtain shareholder approval for the termination of the Company's shareholder rights plan, which approval is being sought at a special meeting of shareholders scheduled for April 25, 2013. Another condition of closing of the Offering is that the Company re-negotiate its agreements with certain directors, officers, employees and consultants of the Company such that the aggregate obligations payable by the Company or any of its subsidiaries under such agreements on a change of control of the Company do not exceed approximately Cdn$4 million. The Company has determined that it will limit such aggregate change of control payments to a maximum of Cdn$2 million.
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