(TSX-V | OYL)
TORONTO, July 9, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) announced today the completion of the consolidation of its issued and outstanding common shares (the "Common Shares"), as announced in the Company's news release dated May 10, 2013 (the "Consolidation"). The Common Shares will be consolidated on a basis of 10 pre-consolidation shares for each post-consolidation share. The Consolidation has been approved by the TSX Venture Exchange and the Company's shareholders at its Annual and Special Meeting of Shareholders held on June 26, 2013. The Consolidation will be effective market open Thursday July 11, 2013.
The Company is also consolidating its issued and outstanding warrants and options on a ten-for-one basis, with the result that each consolidated warrant and stock option will now entitle the holder to acquire one common share in the capital of the Company at an exercise price equal to ten times its original exercise price.
The following chart summarizes the Company's estimated capital structure following the Consolidation:
| Security | Current | As of Market Open Thursday, July 11, 2013 |
| Common Shares | 782,037,218 | 78,203,721(1) |
| Warrants | 42,857,142 warrants at an exercise price of $0.60 |
4,285,714(2) warrants at an exercise price of $6.00 |
| 370,089,000 warrants at an exercise price of $0.17 |
37,008,900(2) warrants at exercise price of $1.70 |
|
| Options | 3,359,730 options with exercise prices ranging between $0.30 and $1.80 |
435,973 options with exercise prices ranging between $3.00 and $18.00 |
| Notes: (1) No fractional Common Shares will be issued to shareholders as a result of the Consolidation. The number of Common Shares issued to shareholders shall be rounded up to the nearest whole Common Share in the event that a shareholder would otherwise be entitled to a fractional Common Share representing 0.5 or more of a Common Share as a result of the Consolidation, and shall be rounded down to the nearest whole Common Share in the event that a shareholder would otherwise be entitled to a fractional Common Share representing less than 0.5 of a Common Share as a result of the Consolidation. (2) No fractional warrants will be issued to shareholders as a result of the Consolidation. The number of warrants issued to warrantholders shall be rounded down to the nearest whole warrant in the event that a warrantholder would otherwise be entitled to a fractional warrant. |
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The Company will not change its name as part of the Consolidation, but will issue new share certificates under new CUSIP numbers, 125405506 and 125405605. The Common Shares continue to trade on the TSX Venture Exchange under its current symbol "OYL".
Registered shareholders will have received a letter of transmittal with information on how to replace their old share certificates with the new share certificates. Alternatively, further information and the letter of transmittal is available on the Company's website at www.cgxenergy.com.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements:
This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX. CGX believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this press release are outlined further in the Company's Annual Information Form dated June 10, 2013 filed on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and CGX undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE: CGX Energy Inc.
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