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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. The Company is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in the Berbice, Guyana. The Company holds interests in three petrol prospecting licenses, such as Corentyne, Berbice, and Demerara Blocks in the Guyana Basin. The Company has drilled two operated exploration wells on its offshore Corentyne Block and drilled three more exploration wells on its onshore Berbice Block. In addition, it has acquired and processed over 7,000 square kilometers of three-dimensional (3D) seismic data on its offshore licenses. The Company through its wholly owned subsidiary, Grand Canal Industrial Estates Inc. The Company is engaged in the development of the Berbice Deep Water Port in Region 6, Guyana. Its other subsidiaries include CGX Resources Inc., ON Energy Inc., and others.


TSXV:OYL - Post by User

Post by pathfinder8on Oct 06, 2021 3:18pm
231 Views
Post# 33974668

Rights offering and the share price

Rights offering and the share priceI believe as Frontera owns such a major position in CGX, they could not just issue 44 mm shares to themselves at 1.63 when the stock was trading near 2 dollars. This way, current retail sharholders are deemed to have been able to participate but in the end, FEC will buy 90 plus % of the shares. Securities rules and the TSX probably deem this to be "fair" to current outside shareholders. THis it the possible answer for the Rights, not fact. 
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