Fergava Finance Inc.

June 03, 2013 12:59 ET

Fergava Finance Inc. Acquires Common Shares of Cub Energy Inc.

ATHENS, GREECE--(Marketwired - June 3, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Fergava Finance Inc. announces that 44,444,444 common shares of Cub Energy Inc., representing 14.92% of the outstanding common shares of Cub, were acquired on May 31, 2013 pursuant to a share purchase and sale agreement dated March 5, 2013 between, among other parties, Cub and Fergava.

Under the agreement, Cub purchased 100% of Listren Holding Company Ltd., which owns Technogasindustria LLC, a private company that owns oil and gas exploration licenses in Ukraine, and issued 55,555,555 Cub common shares in payment. 80% of Listren was purchased by Cub from Fergava and the remaining 20% was purchased from another seller.

The 44,444,444 common shares of Cub are registered in the name of Enerol Foundation pursuant to a direction of Fergava in accordance with the agreement. Enerol is beneficially owned by Fergava, which is in turn beneficially owned by Mr. Efstathios Sofianidis.

Fergava will file an early warning report under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transaction. The report will be available with Cub's documents filed at www.sedar.com. In addition, a copy of the report may be obtained from Anna Psichogiou, telephone +30 210 4287390.

Contact Information

  • Anna Psichogiou
    +30.210.4287390