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CGX Energy and Frontera Announce Conversion of Bridge Loan
Toronto, Ontario--(Newsfile Corp. - September 25, 2019) - CGX Energy Inc. (TSXV: OYL) (" CGX "...
About this update from Cgx Energy Inc.
[{"type":"text","content":"CGX Energy and Frontera Announce Conversion of Bridge LoanToronto, Ontario--(Newsfile Corp. - September 25, 2019) - CGX Energy Inc. (TSXV: OYL) (\"CGX\") and Frontera Energy Corporation (TSX: FEC) (\"Frontera\") announced today that Frontera has elected to convert the principal amount outstanding (US$8.8 million) under its bridge loan facility due September 30, 2019 (\"Bridge Loan\").As previously announced on December 4, 2018, December 17, 2018 and February 1, 2019, the principal amount outstanding under the Bridge Loan is convertible at a price of US$0.22 per share (being the US dollar equivalent of CDN$0.29, which was the closing price of the common shares of CGX prior to the December 4, 2018 announcement of the amendment to the Bridge Loan). As a result of conversion of the Bridge Loan, Frontera will acquire an additional 40,000,000 common shares of CGX (representing approximately 17.23% of the issued and outstanding common shares on a non-diluted basis). Immediately prior to the conversion of the Bridge Loan, Frontera beneficially owned and/or exercised control or direction over 157,383,129 common shares (representing approximately 67.78% of the issued and outstanding common shares on a non-diluted basis), and if all convertible securities held by Frontera were exercised, 212,392,155 common shares (representing approximately 73.95% of the issued and outstanding common shares on a partially-diluted basis). Immediately following the conversion of the Bridge Loan, Frontera will beneficially own and/or exercise control or direction over 197,383,129 common shares (representing approximately 72.51% of the issued and outstanding common shares on a non-diluted basis), and if all convertible securities held by Frontera were exercised, 212,392,155 common shares (representing approximately 73.95% of the issued and outstanding common shares on a partially-diluted basis). Frontera holds CGX common shares for investment purposes. Frontera may, from time to time and depending on market and other conditions, acquire additional 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, by private agreement or otherwise at any time and from time to time, and to engage in similar transactions with respe...