Consolidated AGX Resources Corp. - Financing increased to $440 million



    /NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN
    THE UNITED STATES./

    VANCOUVER, June 29 /CNW/ - Consolidated AGX Resources Corp. (the
"Company") announces that further to its news release of May 30, 2007, the
size of the subscription receipt financing has been increased to 517,650,000
subscription receipts for gross proceeds of $440,002,500. The proceeds of the
financing will be used to fund the previously announced acquisition by the
Company of 75% of the outstanding shares of Rubiales Holdings Limited, the
acquisition by the Company of Major International SA and for ongoing
operations. The financing is being conducted by way of private placement led
by GMP Securities LP with a syndicate including Canaccord Adams Inc., Orion
Securities Inc. and Fraser Mackenzie Limited. Closing of the financing is
expected to occur on July 12, 2007, with the subscription funds held in escrow
until completion of the Rubiales acquisition which is expected to close
forthwith following the completion of the financing. At closing of the
Rubiales acquisition, the subscription receipts will convert to units
consisting of one common share and one-half of a common share purchase
warrant. Each whole share purchase warrant is exercisable at $1.30 per common
share for a period of five years from closing of the financing.
    Closing of the above transaction is subject to TSX Venture Exchange
approval.

    Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Company's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.




For further information:

For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director, Tel: (604) 609-6110

Organization Profile

CONSOLIDATED AGX RESOURCES CORP.

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