Junex inc.

Junex inc.

July 11, 2005 23:59 ET

Junex announces closing of private placement

QUEBEC CITY, July 11 - Junex Inc. (JNX : TSX Venture Exchange) has completed a private placement of $300,000 representing the last tranche of a private placement of a total of $1,300,000, the first closing of which was announced on June 13.

The private placement was completed with SIDEX, a long-term financial partner of the company, and results from a letter of intent that was signed on June 14, before the commencement of the massive stimulation work on the Galt
No. 3 well. SIDEX subscribed for 315,790 common shares at a price per share of $0.95. Each common share is accompanied by one half of a common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one additional common share at a price of $1.10 per share for a period of 36 months following the closing of the private placement.

Under applicable securities legislation and the policies of the TSX Venture Exchange, the common shares and warrants are subject to a hold period expiring on November 12, 2005. The proceeds from the private placement will be used by Junex to continue work on the company's Bécancour project, located in the Province of Quebec, as well as for working capital purposes.

About Junex

Active in the energy sector, Junex is a unique company in Quebec since it is the only natural brine and natural gas producer in the province. In parallel to these production activities, which are focussed on the Bécancour
area for the brine and the Gaspé area for the natural gas, Junex is pursuing its efforts to develop an underground storage facility for natural gas under the industrial park of Bécancour. With more than 4 million acres under
exploration permits, Junex is also the leader in oil and gas exploration in Quebec.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

%SEDAR: 00015378EF

Contact Information

  • Junex Inc.
    Mr. Jean-Yves Lavoie, President
    (418) 654-9661

    Junex Inc.
    Mr Dave Pépin, Corporate affairs
    (418) 654-9661