Pacific Rubiales Energy Corp. has closed the CGX Energy Inc. private placement financing on April 26, 2013. The Company subscribed for 350 million units (Units) at a price of Cdn.$0.10 per Unit for an aggregate price of Cdn.$35 million. Each Unit is comprised of one common share in the capital of CGX and one whole common share purchase warrant of CGX with an exercise price of Cdn.$0.17.

As a result of the private placement, Pacific Rubiales owns approximately 63% of the issued and outstanding common shares in the capital of CGX Energy on a non-diluted basis and approximately 75% on a fully-diluted basis. The board of directors of CGX Energy is comprised of eight directors of which Pacific Rubiales has nominated five directors - being Ronald Pantin, Serafino Iacono, José Francisco Arata, Marino Ostos and Dennis Mills. The new board of directors of CGX has appointed Serafino Iacono as Co-Chairman, Dewi Jones as Chief Executive Officer and Michael Galego as General Counsel and Secretary.

Tags: Pacific Rubiales Energy Corp.