11:00 AM EDT, 08/04/2017 (MT Newswires) -- Junex (JNX.V) on Friday jumped about 26% to $0.51 apiece as it signed a partnership deal with Ressources Quebec and Gestion Bernard Lemaire, for investments estimated at $14.0 million in the Galt oil and gas project on the Gaspe Peninsula.

Junex will remain the operator of the Galt Oil Project.

In a statement, the company said Ressources Quebec, acting as mandatary for the Government of Quebec, will invest $8.4 million, or approximately 60% of the anticipated expenditures for the $14.0 million exploration campaign. In return, Ressources Quebec will acquire from Junex an undivided interest of 17.1% in the joint properties comprising the Galt Oil Project. Junex will retain an interest of 52.9% in the Galt Oil Project and will invest 10% of the anticipated expenditures for the exploration campaign, while Gestion Bernard Lemaire will maintain its 30% interest in the Galt Oil Project.

Under the deal, Junex issued warrants to Ressources Quebec, which is allowed to subscribe for 9.5 million common shares of Junex at $0.53 until August 4, 2020. The partnership will cover research permit for the Galt Oil Project over a total area of 6,736 hectares.

Price: 0.51, Change: +0.105, Percent Change: +25.93