Welcome To The Cuda Oil and Gas HUB On AGORACOM

A Pure Play - Powder River, Light Oil Focused Company

Message: TSXV-listed Junex Down 6% As It Rejects Latest Offer From Utica Resources
2018-08-02 12:17:31 PM ET (MT Newswires)

12:17 PM EDT, 08/02/2018 (MT Newswires) -- Junex (JNX.V) was down 6% after it rejected an unsolicited offer on Tuesday, choosing to stick with an existing bid for the Quebec oil and gas explorer.

The company said the offer of up to $0.55 per share, raised a day earlier from $0.45, from closely held Utica Resources, remains inferior to an existing bid from Cuda Energy.

"The (Cuda) arrangement agreement offers more deal certainty, as there is a signed agreement in place with Cuda that has received overwhelming support from Junex's shareholders," it said in a release. "To date, 98% of votes received in connection with Junex's special shareholder meeting to be held today have been cast in favour of the arrangement agreement."

The company's shares were last seen down $0.03 to $0.46 on the TSX Venture Exchange.

Price: 0.46, Change: -0.03, Percent Change: -6.12

New Message
Please login to post a reply