Lgx Oil & Gas fka OIL

[bcjt]

Oilexco 19 million special warrant financing


Oilexco Inc (TSX-V:OIL)
Shares Issued 68,330,652
Last Close 7/16/2004 $2.22
Friday July 16 2004 - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced April 5, 2004, and April 6, 2004.


No. of shares: 19 million special warrants, with each special warrant exercisable into a unit consisting of one common share and one common share purchase warrant



Price: $2.02 per special warrant



Warrants: For 19 million shares



Warrant price: $2.38 per share and must be exercised within 21 calendar days after the earlier of the issue of a receipt for a final prospectus qualifying the issue of the common shares or the third business day after the expiry of the four-month hold period


No insider/pro group participation.


Agent: Canaccord Capital (Europe) Ltd.



Agents' fees: cash -- 6.5 per cent of the gross proceeds of the offering, including the purchase of the purchase of the special warrants and the exercise of the common share purchase warrants

securities -- agent's warrants to acquire common shares equal to 6 per cent of the number of special warrants issued under the offering and the number of common share purchase warrants exercised, exercisable at a price of $2.02 per common share for a period of 12 months from the closing date


© 2004 Canjex Publishing Ltd.