CYGAM Energy Inc. (TSX-V:CYG) has sold 4.4 million common shares of the company at a price of $0.25 per share for gross proceeds of $1,100,000 pursuant to its previously announced non-brokered private placement.

In total the company issued 9,640,000 common shares for total gross proceeds of $2,410,000 in the private placement of which 600,000 common shares were acquired by insiders.

Net proceeds were $2,343,000 after paying a cash commission of $67,000 to a third party, representing 4% of the gross proceeds arranged by such third party.

CYGAM intends to use the net proceeds of the private placement to fund ongoing development drilling expenditures at the TT field in Tunisia and for general working capital purposes.