By Adriano Marchese
Frontera Energy Corp. said Monday that it has acquired 45.1 million shares in CGX Energy Inc. for 76.3 million Canadian dollars, or roughly US$59.4 million, increasing its stake in the company.
Frontera, which was already the majority shareholder in CGX with an about 74% stake, said that it paid C$1.63 a share for the new stake, and it has received warrants for another 1.2 million shares exercisable at a price of C$1.91.
After the issuance of common shares and warrants, Frontera said it owns or has control over about 77% of CGX Energy's shares.
Write to Adriano Marchese at adriano.marchese@wsj.com