CGX Energy Inc. 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 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.
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. Sent from R. Rooplall Jr.
