Junex inc.
TSX VENTURE : JNX

Junex inc.

June 10, 2008 12:34 ET

Junex Completes $22.2 Million Bought Deal Private Placement

Issues 3,577,000 Shares at $6.20 per Share Underwriting Syndicate Led by Merrill Lynch Canada Inc.

QUEBEC CITY, QUEBEC--(Marketwire - June 10, 2008) - NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Junex Inc. (TSX VENTURE:JNX) announces that it has completed its previously-announced "bought deal" private placement by issuing 3,577,000 common shares at a price of $6.20 per share, for gross proceeds to Junex of $22,177,400.

Junex will use the net proceeds from the private placement for capital expenditures related primarily to drilling and seismic work in the St. Lawrence Lowlands and Gaspesie regions of Quebec. The balance of the net proceeds will be used for general corporate purpose, which may include selective acquisitions as well as other working capital requirements.

The private placement was effected pursuant to prospectus exemptions under applicable securities legislation through a syndicate of underwriters led by Merrill Lynch Canada Inc., and including Laurentian Bank Securities Inc., D&D Securities Company, GMP Securities L.P. and Dundee Securities Corporation. The shares issued in the private placement are subject to a four-month "hold period", expiring on October 11, 2008.

As a result of the private placement, there are currently 58,440,412 common shares of Junex issued and outstanding.

About Junex

Junex is a junior oil and gas exploration company that holds exploration rights on more than 6 million acres of land located in the Appalachian basin in the Province of Quebec. Several recent discoveries in the United States and Eastern Canada have stimulated exploration in Quebec, whose sedimentary basin is located in a favourable geological setting for oil and gas discovery. Junex's strategy consists in entering into partnerships with other exploration companies in order to reduce exploration risks. In parallel to its exploration efforts, Junex's goal is to achieve positive cash flows from its natural brine and drilling-services operations. Junex also owns approximately 9.4% of the issued and outstanding shares of Petrolia Inc. (TSX VENTURE:PEA) and 1.1% of the issued and outstanding shares of Gastem Inc. (TSX VENTURE:GMR).

Forward-looking statements

This news release contains certain forward-looking statements. These statements relate to future events or future economic performance of Junex and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect Junex's results, economic performance or accomplishments when considered in light of the content or implications of statements made by Junex. Actual events or results could be significantly different. Accordingly, investors should not place undue reliance on forward-looking statements. Junex does not intend, and undertakes no obligation unless required under securities legislation, to update these forward-looking statements.

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

Contact Information

  • Junex
    Mr. Jean-Yves Lavoie
    President
    418-654-9661
    or
    Mr. Dave Pepin
    Corporate Affair
    418-654-9661