Cuda Oil and Gas Inc.

Cuda Oil and Gas Inc. has completed its brokered private placement of units for gross proceeds of $7.1 million. The offering was co-led by KES 7 Capital Inc. and Eight Capital and included a syndicate of agents consisting of Seaport Global Securities LLC and Cormark Securities Inc.

Pursuant to the offering, the company issued an aggregate of 14,282,000 Units at a price of $0.50 per unit, each unit consisting of one common share in the capital of the company and one-half of one common share purchase warrant, each full warrant entitling the holder thereof to acquire one common share at a price of $0.60 per common share for a period of 24 months from its date of issuance.