Junex Inc.

Junex Inc.

June 08, 2012 08:00 ET

Junex Announces $5 Million Private Placement With Investissement Quebec

QUEBEC CITY, QUEBEC--(Marketwire - June 8, 2012) - Junex Inc. (TSX VENTURE:JNX) is pleased to announce that it has signed an agreement in principle with Investissement Quebec with respect to a $5,000,000 private placement. The private placement consists of 7,142,857 units of the company at a price of $0.70 per unit. Each unit is composed of one common share of the company and one-half of a warrant; each whole warrant entitling the holder thereof to acquire one additional common share of the company at a price of $0.875 for a period of 36 months following the closing of the private placement.

"Over the last decade, Junex has invested tens of millions of dollars in oil and gas exploration in Quebec with results that demonstrate the strong potential of our territory. We would be pleased to welcome Investissement Quebec as a financial partner in the development of these oil and gas resources", said Jean-Yves Lavoie, P. Eng, CEO.

"Investissement Quebec's proposed investment in Junex is consistent with our desire to develop our natural resources while maximizing the collective wealth of Quebeckers," said Jacques Daoust, President and CEO of Investissement Quebec.

The proceeds of the private placement will be used to drill a conventional exploratory well, without fracking, on the Galt property in the Gaspé region.

Closing of the private placement is subject to the satisfaction of certain conditions, including obtaining all applicable regulatory approvals and the satisfactory completion of due diligence by Investissement Quebec.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 million acres of land located in the Appalachian basin in the Province of Quebec. The company is in the heart of the Utica Shale gas discovery located in the St. Lawrence Lowlands and holds a significant land-package on the Anticosti Island where an independent report has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.

Forward-Looking Statements and Disclaimer

Certain statements in this press release may be forward-looking. Forward-looking statements are based on the best estimates available to Junex at the time and involve known and unknown risks, uncertainties and other factors that may cause Junex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Junex's business and activities appears under the heading "Risks and Uncertainties" on pages 8 to 11 of Junex's 2011 annual management's discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Junex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Junex. Junex disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event. The reader is warned against undue reliance on these forward-looking statements.

Neither 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.

Contact Information

  • Junex Inc.
    Mr. Jean-Yves Lavoie
    Chief Executive Officer

    Junex Inc.
    Mr. Dave Pepin
    Vice President - Corporate Affairs