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Frontera Acquires Rights of CGX Energy
Frontera Acquires Rights of CGX Energy Canada NewsWire TORONTO, March 13, 2019 ...
About this update from Frontera Energy Corporation
[{"type":"text","content":"\n\n\n\nFrontera Acquires Rights 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 13, 2019\n\n\n\nTORONTO, March 13, 2019 /CNW/ - Frontera Energy Corporation (TSX: FEC) (\"Frontera\" or the \"Company\") announced that, on March 12, 2019, it acquired 12,181,000 rights (\"Rights\") to acquire common shares (\"Common Shares\") of CGX Energy Inc. (\"CGX\") (TSXV: OYL). The aggregate purchase price for the Rights was C$60,905 (or C$0.005 per Right). Frontera acquired the Rights through the TSX Venture Exchange in connection with the rights offering (the \"Rights Offering\") previously announced by CGX in a news release on February 1, 2019 (the \"February 1 News Release\").\nPrior to the acquisition of the 12,181,000 Rights, Frontera owned or exercised control over 56,066,214 Common Shares and 56,066,214 Rights on a non-diluted basis (representing approximately 48.29% of the issued and outstanding Common Shares on a non-diluted basis) and 152,132,428 Common Shares on a partially-diluted basis, assuming the exercise or conversion of all securities (including the Rights and the $8,800,000 bridge loan) then held by Frontera (representing approximately 71.7% of the issued and outstanding Common Shares on a partially-diluted basis).\nImmediately after the acquisition of the 12,181,000 Rights, Frontera owns or exercises control over 56,066,214 Common Shares and 68,247,214 Rights on a non-diluted basis (representing approximately 48.29% of the issued and outstanding Common Shares on a non-diluted basis) and 164,313,428 Common Shares  on a partially-diluted basis, assuming the exercise or conversion of all securities (including the Rights and the $8,800,000 bridge loan) then held by Frontera (representing approximately 73.24% of the issued and outstanding Common Shares on a partially-diluted basis), resulting in approximately a 1.54% increase in Frontera's holdings of the Common Shares on a partially-diluted basis.\nFrontera acquired the Rights for investment purposes. Frontera may, from time to time and depending on market...