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Frontera Acquires Common Shares of CGX Energy
Frontera Acquires Common Shares of CGX Energy Canada NewsWire TORONTO, March 14,...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\nFrontera Acquires Common Shares of CGX Energy\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 14, 2019\n\n\n\nTORONTO, March 14, 2019 /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"Frontera\" or the \"Company\") announced today that it has acquired 101,316,916 common shares (\"Common Shares\") of CGX Energy Inc. (\"CGX\") (TSXV:OYL) in connection with the rights offering (the \"Rights Offering\") previously announced by CGX on February 1, 2019. The aggregate purchase price for the Common Shares was $25,329,229 (or $0.25 per Common Share). As consideration for providing a standby commitment in connection with the Rights Offering, the Company also received 15,009,026 5-year warrants (the \"Warrants\") to purchase up to 15,009,026 Common Shares at an exercise price equal to $0.415 per Common Share. \nPrior to the issuance of the Common Shares and the Warrants, Frontera owned or exercised control over 56,066,213 Common Shares on a non-diluted basis (representing approximately 48.29% of the issued and outstanding Common Shares on a non-diluted basis) and 96,066,213 Common Shares on a partially-diluted basis, assuming the conversion of the US$8,800,000 bridge loan, but excluding the rights to acquire Common Shares under the Rights Offering then held by Frontera (representing approximately 61.54% of the issued and outstanding Common Shares on a partially-diluted basis).\nImmediately after the issuance of the Common Shares and Warrants, Frontera owns or exercises control over 157,383,129 Common Shares on a non-diluted basis (representing approximately 67.78% of the issued and outstanding Common Shares on a non-diluted basis) and 212,392,155 Common Shares on a partially-diluted basis, assuming the exercise or conversion of the Warrants and the US$8,800,000 bridge loan (representing approximately 73.95% of the issued and outstanding Common Shares on a partially-diluted basis), resulting in a 12.41% increase in Frontera's holdings of Common Shares on a partially-diluted basis.\nFrontera acquired the Common Shares for investment purp...