CGX Energy Completes Share Consolidation

About this update from Cgx Energy Inc.

[{"type":"text","content":"\n\n\n(TSX-V | OYL)\n\n\nTORONTO, July 9, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) announced\n today the completion of the consolidation of its issued and outstanding\n common shares (the \"Common Shares\"), as announced in the Company's news release dated May 10, 2013 (the \"Consolidation\"). The Common Shares will be consolidated on a basis of 10\n pre-consolidation shares for each post-consolidation share. The\n Consolidation has been approved by the TSX Venture Exchange and the\n Company's shareholders at its Annual and Special Meeting of\n Shareholders held on June 26, 2013. The Consolidation will be effective\n market open Thursday July 11, 2013.\n\n\nThe Company is also consolidating its issued and outstanding warrants\n and options on a ten-for-one basis, with the result that each\n consolidated warrant and stock option will now entitle the holder to\n acquire one common share in the capital of the Company at an exercise\n price equal to ten times its original exercise price.\n\n\nThe following chart summarizes the Company's estimated capital structure\n following the Consolidation:\n\n\n\n\n\n\nSecurity\n\n\nCurrent\n\n\nAs of Market Open\nThursday, July 11, 2013\n\n\n\n\nCommon Shares\n\n\n782,037,218\n\n\n78,203,721(1)\n\n\n\n\nWarrants\n\n\n42,857,142 warrants at an exercise price of\n$0.60\n\n\n4,285,714(2) warrants at an exercise\nprice of $6.00\n\n\n\n\n370,089,000 warrants at an exercise price\nof $0.17\n\n\n37,008,900(2) warrants at exercise price\nof $1.70\n\n\n\n\nOptions\n\n\n3,359,730 options with exercise prices\nranging between $0.30 and $1.80\n\n\n435,973 options with exercise prices\nranging between $3.00 and $18.00\n\n\n\n\nNotes:\n(1)     No fractional Common Shares will be issued to shareholders as a\n result of the Consolidation. The number of\n\nCommon Shares issued to shareholders shall be rounded up to the nearest\n whole Common Share in the event that a\n\nshareholder would otherwise be entitled to a fractional Common Share\n representing 0.5 or more of a Common Share\n\nas a result of the Consolidation, and shall be rounded down to the\n nearest whole Common Share in the event that a\n\nshareholder would otherwise be entitled to a fractional Common Share\n representing less than 0.5 of a Common\n\nShare as a result of the Consolidation.\n(2)    &#xA...

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