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Frontera Acquires 45,083,314 CGX Energy Common Shares in Connection with Rights Offering
Frontera Acquires 45,083,314 CGX Energy Common Shares in Connection with Rights Offering ...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n \n \n \n Frontera Acquires 45,083,314 CGX Energy Common Shares in Connection with Rights Offering\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n FRONTERA\n \n NOW HOLDS 257,475,469 CGX COMMON SHARES\n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 1, 2021\n \n /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"\n \n \n Frontera\n \n \n \" or the \"\n \n Company\n \n \"), the majority shareholder of CGX Energy Inc. (TSXV: OYL) (\"\n \n CGX\n \n \") announced today that it has acquired 45,083,314 CGX common shares (\"\n \n Common Shares\n \n \") in connection with a previously announced rights offering (the \"Rights Offering\") by CGX on\n \n September 24, 2021\n \n . The aggregate purchase price for the Common Shares was\n \n CAD$73,596,681\n \n (or\n \n CAD$1.63\n \n 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\n \n US$1.51\n \n per Common Share (being the U.S. dollar equivalent of\n \n CDN$1.91\n \n ).\n \n \n Prior to the issuance of the Common Shares and the Warrants,\n \n Frontera\n \n 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.\n \n \n Immediately after the issuance of the Common Shares and Warrants,\n \n Frontera\n \n 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.\n \n \n \n Frontera\n \n acquired the Common Shares for investment purposes.\n \n Frontera\n \n may, from time to time and depending on market and other conditions, acquire additional CGX Common Shares and/or other equity, debt or other securiti...