NGX Energy International Corp. announced that it has engaged Canaccord Genuity Corp. on a commercially reasonable-efforts basis for the sale of secured debentures of NGX at a price of USD 1,000 per Debenture for aggregate gross proceeds of up to USD 10,000,000. The Debentures will mature 6 years from the closing date of the Offering (the "Closing Date") and will bear interest from the Closing Date at a rate equal to 15% per annum, payable monthly. The Company shall have the right, in its sole discretion, at any time on or after the date which is 3 years from the Closing Date, to redeem and repay all of the principal amount outstanding under the Debentures plus any accrued and unpaid interest thereon, upon 30 days notice to the holders of the Debentures, at a price equal to 105% of the principal amount of the Debentures. Upon repayment (including by exercise by the Company of its Redemption Right) of 75% or greater of the principal and interest due under the Debentures, holders of the Debentures will be granted a pro rata 15% net profit interest on the revenue associated with the Company's pipeline to be built from the Maria Conchita field in Colombia to existing pipelines (the "Pipeline"), which net profit interest shall be for the life of the Pipeline. The Debentures shall have a first ranking security interest over the Pipeline and all profits resulting therefrom.