Frontera Acquires 45,083,314 CGX Energy Common Shares in Connection with Rights Offering

Source: www.gulfoilandgas.com 11/1/2021, Location: North America

Frontera Energy Corporation, the majority shareholder of CGX Energy Inc. announced that it has acquired 45,083,314 CGX common shares ("Common Shares") in connection with a previously announced rights offering (the "Rights Offering") by CGX on September 24, 2021. The aggregate purchase price for the Common Shares was CAD$73,596,681 (or CAD$1.63 per Common Share). As consideration for providing a standby commitment in connection with the Rights Offering, the Company also received 5-year warrants (the "Warrants") to purchase up to 1,173,774 Common Shares at an exercise price equal to US$1.51 per Common Share (being the U.S. dollar equivalent of CDN$1.91).

Prior to the issuance of the Common Shares and the Warrants, Frontera owned or exercised control over 212,392,155 Common Shares on a non-diluted basis (representing approximately 73.85% of the issued and outstanding Common Shares on a non-diluted basis) and 239,077,548 Common Shares on a partially-diluted basis.

Immediately after the issuance of the Common Shares and Warrants, Frontera owns or exercises control over 257,475,469 Common Shares on a non-diluted basis (representing approximately 76.98% of the issued and outstanding Common Shares on a non-diluted basis) and 285,892,120 Common Shares on a partially-diluted basis.

Frontera acquired the Common Shares for investment purposes. Frontera may, from time to time and depending on market and other conditions, acquire additional CGX Common Shares and/or other equity, debt or other securities or instruments of CGX in the open market or otherwise, and reserves the right to dispose of any or all of the securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of CGX and other relevant factors.


Norway >>  5/20/2022 - Equinor announced on 9 February 2022 an ordinary dividend per share of USD 0.20 and an extraordinary dividend per share of USD 0.20 for fourth quarter...
Norway >>  5/19/2022 - Reference is made to the Norwegian Energy Company ASA ("Noreco" or the "Company") convertible bond loan with ISIN NO 0010851520 (the "NOR13 Bonds") is...

Tanzania >>  5/19/2022 - Orca Energy Group Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.10 (Cdn) per Class A Common Voting Share (“C...
United States >>  5/19/2022 - KBR announced its Board of Directors has declared a regular quarterly dividend of $0.12 per share on the company's common stock, par value $0.001 per ...

United States >>  5/19/2022 - Halliburton Company announced that at its annual meeting of shareholders held in Houston, Texas, on May 18, 2022, the shareholders elected all eleven ...
Gabon >>  5/18/2022 - VAALCO Energy Inc. announced entry into a new credit agreement, effective May 16, 2022, for a new five-year Reserve Based Lending (“RBL”) facility wit...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.