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 ...