CGX Energy Announces US$2.5 Million Loan Agreement
CGX Energy (OTC:CGXEF) announced that its subsidiary, CGX Resources, entered a US$2.5 million senior secured loan facility with Frontera Energy through a Frontera subsidiary to fund CGX's share of corporate working capital and other budgeted costs.
The Loan is available for drawdown in tranches during a 6-month drawdown period, with any single tranche capped at US$1.9 million and aggregate drawdowns capped at US$2.5 million. The Loan and accrued interest are due one year from the loan date. Interest accrues at 19.32% per annum, compounding monthly. The Loan is subject to customary conditions, including regulatory approvals.
The transaction is a related-party arrangement under MI 61-101 and is exempt from valuation and minority shareholder approval; a material change report will disclose required exemptions.
CGX Energy (OTC:CGXEF) ha annunciato che la sua controllata, CGX Resources, ha stipulato una linea di prestito senior garantito di US$2.5 milioni con Frontera Energy tramite una controllata di Frontera per finanziare la quota di CGX relativa al capitale circolante aziendale e altri costi pianificati.
Il prestito è disponibile per erogazioni frazionate durante un periodo di 6 mesi, con ogni tranche singola limitata a US$1.9 milioni e l'ammontare complessivo delle erogazioni limitato a US$2.5 milioni. Il prestito e gli interessi maturati scadono un anno dalla data del prestito. Gli interessi maturano al 19,32% annuo, capitalizzati mensilmente. Il prestito è soggetto a condizioni usuali, comprese le approvazioni normative.
L'operazione è un accordo con parti correlate ai sensi MI 61-101 ed è esentata dall'approvazione della valutazione e dagli azionisti di minoranza; un rapporto di cambiamento sostanziale divulgherà le esenzioni richieste.
CGX Energy (OTC:CGXEF) anunció que su subsidiaria, CGX Resources, firmó una línea de préstamo senior garantizado de US$2,5 millones con Frontera Energy a través de una subsidiaria de Frontera para financiar la participación de CGX en el capital de trabajo corporativo y otros costos presupuestados.
El préstamo está disponible para desembolsos en tramos durante un periodo de 6 meses, con cada tramo individual limitado a US$1,9 millones y los desembolsos agregados limitados a US$2,5 millones. El préstamo y los intereses devengados vencen en un año desde la fecha del préstamo. Los intereses devengan a 19,32% anual, capitalizándose mensualmente. El préstamo está sujeto a condiciones habituales, incluidas las aprobaciones regulatorias.
La transacción es un acuerdo de partes relacionadas conforme a MI 61-101 y está exento de aprobación de valoración y de la aprobación de accionistas minoritarios; un informe de cambio sustancial divulgará las exenciones requeridas.
CGX Energy (OTC:CGXEF)는 자회사인 CGX Resources가 Frontera Energy를 통해 Frontera의 자회사와 함께 미화 250만 달러의 선순위 담보 대출 시설을 체결했다고 발표했습니다. 이는 CGX의 기업 운전자본 및 기타 예산 비용에 대한 CGX의 몫을 조달하기 위한 것입니다.
대출은 6개월의 대출 기간 동안 분할 인출 가능하며, 단일 분할은 미화 190만 달러로 제한되고 총 인출은 미화 250만 달러로 제한됩니다. 대출 및 미수 이자는 대출일로부터 1년 후 상환됩니다. 이자는 연간 19.32%로 매월 복리로 계산됩니다. 대출은 규제 승인 등 일반적인 조건의 적용을 받습니다.
거래는 MI 61-101에 따른 특수관계자 거래이며 평가 및 소수 주주 승인의 면제되며, 중대한 변화 보고서는 필요한 면제를 공개할 것입니다.
CGX Energy (OTC:CGXEF) a annoncé que sa filiale, CGX Resources, a conclu une ligne de prêt garanti senior de US$2,5 millions avec Frontera Energy par l’intermédiaire d’une filiale de Frontera pour financer la part de CGX dans le fonds de roulement de l’entreprise et d’autres coûts budgétés.
Le prêt est disponible en tirages sur une période de 6 mois, chaque tirage individuel étant plafonné à US$1,9 million et les tirages totaux étant plafonnés à US$2,5 millions. Le prêt et les intérêts échus sont dus dans un an à compter de la date du prêt. Les intérêts courent à 19,32% par an, capitalisés mensuellement. Le prêt est soumis à des conditions habituelles, y compris les approbations réglementaires.
La transaction est un arrangement entre parties liées en vertu du MI 61-101 et est exonérée de l’approbation de l’évaluation et de l’approbation des actionnaires minoritaires; un rapport de changement important divulguera les exonérations requises.
CGX Energy (OTC:CGXEF) gab die Tochtergesellschaft CGX Resources mit Frontera Energy über eine Frontera-Tochter eine US$2,5 Millionen revolvierende Senior-Sicherheiten-Darlehensfazilität, um CGXs Anteil am betrieblichen Working Capital und andere budgetierte Kosten zu finanzieren.
Der Kredit steht zur Auszahlung in Tranchen über einen Zeitraum von 6 Monaten zur Verfügung, wobei jede Tranche auf US$1,9 Millionen begrenzt ist und die Gesamttilgungen auf US$2,5 Millionen begrenzt sind. Der Kredit und aufgelaufene Zinsen sind ein Jahr ab dem Kreditdatum fällig. Die Zinsen betragen 19,32% pro Jahr und werden monatlich gestellt. Der Kredit unterliegt üblichen Bedingungen, einschließlich regulatorischer Genehmigungen.
Die Transaktion ist eine Related-Party-Vereinbarung nach MI 61-101 und ist von Bewertung und der Genehmigung durch Minderheitsaktionäre befreit; ein Material Change Report wird die erforderlichen Ausnahmen offenlegen.
CGX Energy (OTC:CGXEF) أعلنت أن تابعتها CGX Resources عقدت خط تمويل اقتراض ثانوي مضمون عالي المستوى بقيمة US$2.5 مليون مع Frontera Energy عبر شركة تابعة لـ Frontera لتمويل حصة CGX من رأس المال العامل وتكاليف أخرى مبرمجة في الميزانية.
يتاح القرض للسحب على شكل دفعات خلال فترة سحب مدتها 6 أشهر، مع حد أقصى لكل دفعة US$1.9 مليون وإجمالي السحب حتى US$2.5 مليون. القرض والفوائد المتراكمة مستحقة بعد عام من تاريخ القرض. تتراكم الفوائد بنسبة 19.32% سنوياً وتُحتسب شهرياً. يخضع القرض لشروط اعتيادية، بما في ذلك الموافقات التنظيمية.
الصفقة هي ترتيب من جهة ذات صلة وفق MI 61-101 وهي معفاة من تقييم والمالك minority approval؛ سيكشف تقرير التغيير المادي عن الاستثناءات المطلوبة.
- Provides immediate US$2.5M liquidity for working capital
- Flexible drawdowns over a 6-month period
- Short-term maturity (1 year) allows quicker repayment timeline
- High interest rate of 19.32% per annum, compounding monthly
- Related-party status under MI 61-101 may raise governance concerns
- Single tranche cap of US$1.9M could limit larger immediate funding needs
Toronto, Ontario--(Newsfile Corp. - November 3, 2025) - CGX Energy Inc. (TSXV: OYL) ("CGX"), announced today that its subsidiary, CGX Resources Inc. ("CGX Resources" or the "Borrower"), has entered into a Senior Secured Loan Facility with Frontera Energy Corporation (TSX: FEC) ("Frontera"), its joint venture partner in the Petroleum Prospecting Licenses for the Corentyne block offshore Guyana, through one of Frontera's subsidiaries. The US
The Loan to CGX Resources will be available for drawdown in tranches on a non-revolving basis for a period of six (6) months commencing upon the completion of the conditions precedent to the first tranche drawdown. During the Drawdown Period, the Borrower may request drawdowns (each a "Tranche Drawdown") as set forth below, provided that (i) the maximum amount of any Tranche Drawdown shall not exceed U.S.
The Loan remains subject to customary conditions, including CGX obtaining regulatory approvals.
The transactions described herein between Frontera and CGX are related party transactions under Multilateral Instrument 61-101 but are exempt from the obligations to obtain a formal valuation and approval from a minority of shareholders. The material change report to be filed by CGX in connection with this news release will contain the required disclosure regarding such exemptions.
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
About CGX
CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana.
Cautionary Note Concerning Forward-Looking Statements:
This press release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events or developments that CGX believe, expect or anticipate will or may occur in the future. Forward-looking information in this press release includes, without limitation, statements relating to the Joint Venture and its shareholders asserting their legal rights and the Joint Venture's continuing efforts and investments in the Corentyne block. All information other than historical fact is forward-looking information. Forward-looking information reflects the current expectations, assumptions and beliefs of CGX based on information currently available to them and considers the experience of the Joint Venture and its perception of historical trends. Although CGX believe that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information. Forward-looking information is subject to a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to CGX, including the ability of the Joint Venture to reach an agreement with the Government of Guyana or successfully assert its legal rights. No assurance can be given that either an agreement will be reached or the successful asserting of its rights can be achieved. The actual results of the Joint Venture may differ materially from those expressed or implied by the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on CGX. CGX's management's discussion and analysis for the year ended December 31, 2024, and other documents of CGX files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge by referring to each company's profile on SEDAR+ at www.sedarplus.ca. All forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CGX disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
For further information: Daniel Sanchez, Interim CEO and CFO, CGX Energy Inc., (832) 300-3200, 2400, 333 Bay Street, Toronto, Ontario M5H 2T6, www.cgxenergy.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273084
FAQ
How much did CGX Energy (CGXEF) borrow from Frontera and for what purpose?
What are the key loan terms for the CGX Resources facility announced November 4, 2025?
When must CGX repay the US$2.5M loan from Frontera (CGXEF)?
Does the CGX–Frontera loan require shareholder approval under MI 61-101?
How does the drawdown structure limit CGX Resources under the Frontera loan?
