Gibralt Capital acquires units of PetroSands Resources

VANCOUVER, Sept. 19, 2011 /CNW/ - Gibralt Capital Corporation ("Gibralt"), a company controlled by Samuel Belzberg, reported today that it has, as part of a private placement to it and other investors, acquired ownership and control of 4,242,424 units of PetroSands Resources (Canada) Inc. (the "Company"), each unit consisting of 1 common share and ½ of a warrant to acquire an additional common share at a price of $0.25 per share for 5 years from the closing date, at a price of $0.165 per unit. Gibralt understands that there were currently approximately 23.3 million common shares of the Company issued and outstanding prior to the offering. As a result, as at the completion of the offering, Gibralt holds approximately 11.1% of the issued and outstanding shares (16.7%, assuming only Gibralt's warrants were exercised) and approximately 28.3% of the issued and outstanding $0.25 warrants expiring in 2016.

The units were acquired and are held for investment purposes. Gibralt may in future make further purchases or sales of units or other securities of the Company as circumstances warrant.

A representative of Gibralt has also been appointed to the board of directors of the Company.

SOURCE Gibralt Capital Corporation

For further information:

Ryan Dunfield, Gibralt Capital Corporation, tel. (604) 806-3352 at:

Gibralt Capital Corporation
Suite 2600, 1075 West Georgia Street
Vancouver, BC V6J 5C5

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Gibralt Capital Corporation

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