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CGX Energy Inc. has raised $8.4-million (U.S.) in a private placement, two-thirds more than it had originally planned. The company said yesterday it has issued 10.5 million units at a price of 80 cents apiece. "This financing will allow us to advance our exploration offshore Guyana, where exploration to the east and west of our concessions has intensified over the last six months," Kerry Sully, president and chief executive officer, said in a release. Each unit consists of one common share and one-half common share purchase warrant. Each full warrant entitles the holder to buy an additional common share for $1.10 until Sept. 21, 2006. CGX had hoped to raise $5-million in the private placement. OYL.U (TSXV) fell 2 cents (Canadian) to 83 cents. CP

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