TGX arranges private placement, amends debt settlement

Executive Summary

• TGX Energy & Resources Inc. announced a non-brokered private placement of up to 1.2 million units at $0.10 per unit, raising up to $120,000 in gross proceeds for mineral exploration and working capital.
• The company revised its previously announced debt settlement, agreeing to settle $190,451.20 in accrued geological consulting fees by issuing 1,904,512 units to creditors.
• Both the private placement and debt settlement are subject to corporate and regulatory approvals, including TSX Venture Exchange approval, and carry a statutory hold period of four months plus one day.

Key Details

• Private Placement Structure:
  • Price: $0.10 per unit.
  • Quantity: Up to 1.2 million units.
  • Gross Proceeds: Up to $120,000.
  • Composition: Each unit consists of one common share and one warrant.
  • Warrant Terms: Exercisable at $0.13 per share for a period of one year.
  • Hold Period: Four months plus one day from issuance.
• Use of Proceeds:
  • Conduct mineral exploration activities on the company's rare earth project in the Yukon.
  • Update technical reports.
  • Evaluate resource acquisition and investment opportunities (including oil and gas).
  • Supplement working capital.
• Debt Settlement Details:
  • Debt Amount: $190,451.20 in accrued geological consulting fees and expenses.
  • Settlement Instrument: 1,904,512 units issued to creditors.
  • Deemed Price: $0.10 per debt unit.
  • Composition: Each debt unit consists of one common share and one-half of one common share purchase warrant.
  • Warrant Terms: Exercisable to acquire a common share for $0.13 per warrant for a period of 12 months from issuance.
  • Hold Period: Four months plus one day from issuance.
• Regulatory & Corporate Status:
  • All previously announced private placements were abandoned.
  • No new insiders or control persons will result from these transactions.
  • Subject to TSX Venture Exchange approval under Policy 4.1.

Notable Quotes

• None provided in the text.