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Argenta Oil & Gas Inc.: Argenta Closes First Tranche of Private Placement

^{Published on 2009-09-11 16:38:45 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Sept. 11, 2009) - Argenta Oil & Gas Inc. ("Argenta") (TSX VENTURE:AZA) is pleased to announce the completion of the first tranche of a private placement of 50,500,000 units at a price of $0.04 per unit for gross proceeds of $2,020,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at a price of $0.10 per share for a period of 18 months from the closing of the private placement. Toll Cross Securities Inc. acted as the exclusive agent in connection with the private placement and received a commission of $121,200 and 3,030,000 broker warrants. Each broker warrant is exercisable into one common share at a price of $0.04 per share for a period of 18 months from the closing of the private placement. The securities issued are subject to a four month hold period.

Argenta Oil & Gas is a Canadian energy resource company with oil and gas assets in the Neuquen Basin of Argentina and in Colombia's Lower Magdalena Basin. Argenta owns and operates all of its assets.

For further information on Argenta Oil & Gas; please visit the Company's website at [ www.argentaoilandgas.com ].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.