Junex inc.
TSX VENTURE : JNX

Junex inc.

July 22, 2015 08:30 ET

Junex's Closes the Second Portion of a Private Placement for Proceeds of $10,000,000

QUEBEC CITY, QUEBEC--(Marketwired - July 22, 2015) - Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") is pleased to announce the closing of the second portion of the previously-announced private placement for proceeds of $10,000,000 (the "Offering").

This non-brokered offering includes:

  • An amount of $7,500,000 to be raised through the issuance of units at a price of $0.90 each, each unit made up of one share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to subscribe for one common share at a price of $1.25 for a period of 24 months and $1.40 for the subsequent 12 months.
  • An amount of $2,500,000 to be raised through the issuance of Series A Debentures and Series B Debentures, each in the aggregate principal amount of $1,250,000 and convertible into common shares at a price of $1.17 per share. The Debentures are also accompanied by a total number of 1,388,890 warrants. Each warrant will entitle the holder to subscribe for one common share at a price of $1.25 for a period of 24 months and $1.40 for the subsequent 12 months. Both debentures will mature after five years and bear interest at an annual rate of 12% payable semi-annually. Junex may elect to pay up to 50% of the interest charges in common shares, subject to the approval of the TSX Venture Exchange (the "TSXV"). Both Debentures will be redeemable in cash at all times at the Company's option (subject to payment of a 10% premium on the outstanding principal), subject to conversion at the holder's option if and when Junex elects to so redeem. The Series B Debenture will become convertible at Junex's option at a price of $1.17 per share if (a) the Company obtains a lease to produce petroleum with respect to its Galt project and (b) the 20-day volume weighted average price of the Company's shares is equal to or greater than $1.17.

The Offering remains subject to the filing of customary closing documentation with the TSXV. The securities issued in connection with the Offering are subject to a 4-month hold period expiring on November 22, 2015.

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. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, the company operates a drilling services division.

Neither the 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. Peter Dorrins
    President & Chief Executive Officer
    418-654-9661

    Junex Inc.
    Mr. Dave Pepin
    Vice President - Corporate Affairs
    418-654-9661