CanArgo Announces an Extension of the Expiration Times of its Rights Offering

GUERNSEY, CHANNEL ISLANDS, October 13 / MARKET WIRE/ -- CanArgo Energy Corporation (AMEX: CNR)(OSLO: CNR) ("CanArgo" or the "Company") announced today that it has been advised by certain of the underwriters of the Company's Rights Offering that, in light of current market conditions, those underwriters are unable or unwilling, or may be unable or unwilling, to fulfill their underwriting obligations. The Company is currently considering its position. In the meantime, and particularly in view of the scheduled Norwegian Expiration Time of 5:30 p.m., CET, on October 14, 2008, the Company has determined to extend the scheduled expiration dates and times of the Rights Offering from 4:00 p.m., U.S. Eastern time on October 24, 2008, the scheduled U.S. Expiration Time, until 4:00 p.m., U.S. Eastern time on October 31, 2008, and from... [read full story]