FRONTERA SETTLEMENT Question - does the $24.6M paid to Frontera account for the total amount listed under Bridge Loan III ($12,939,000)? My understanding is that it does....
Note, the Bridge Loan III had an option attached to it that would allow Frontera to convert $8.8M into newly issued CGX shares at a price of $0.22/share. This conversion (if exercised) would have a material impact to minority shareholders as it would have caused further dilution (approximately 40M shares). Looking for others on this board to clarify above....
Comment: the CGX annual report confirms Frontera
did not participate in the over-subsciption - as the rights offering was oversubscribed. An outline of the rights and shares Frontera was able to secure pre and post offering is highlighted in the following link:
https://fronteraenergy.mediaroom.com/2019-03-13-Frontera-Acquires-Rights-of-CGX-Energy I apologize to those on this board - as Frontera secured / purchased 12,181,000 rights in the open market. I did not report this number accurately in my last post (waitingstill corrected me).
Go back to my earlier statement (i.e. theory) that CNPC not only exerised their rights - but, also participated in the oversubscribed.
Outside of items mentioned above I would like to congratualte all CGX shareholders and continue to wish all of you the best of luck. Truly beleive we (as CGX shareholders) are sitting on a world-class asset.